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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns

Note to Readers: This blog post was co-written by Bruce Booth and Bijan Salehizadehwho co-authored an article in the July 2011 issue of Nature Biotechnologydetailing the differences in returns between Life Sciences and Tech investing.

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Left behind by this good news is the 2001 NIKE AIR JORDAN 1 RETRO BRED Sz 11.5, which according to PWCMoneyTree / NVCA data accounted for nearly 30% of the $21 billion invested in venture-backed companies in 2010.

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As we outline in our paper in the July issue of Nature Biotechnology, LS venture investing dramatically outperformed Tech venture investing over the past decade.


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Overall Life Sciences/Healthcare venture realized gross pooled mean IRR was 15.0% for the past decade.  This is in contrast to 5.5% for all of venture capital, 3.0% for IT and 4.1% for Software.Nike LeBron 12 XII NikeID Back To The Future Air Mag Size 12 DS,.

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There’s a perception that lots of Life Sciences deals lose money.  It’s true.  58% returned less than their invested capital.Nike Air Foamposite One Stealth Black Size 9.5 Mens 2012 New In Box,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Airmax Penny 4 Size 11.5,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).

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But, as one would expect, not all of the news for Life Sciences is rosy:


NIKE Men's Kobe A.D. NXT 360 Basketball shoes (10.5, White Multi),..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.MENS NIKE AIR MAX IVO RUNNING SHOES SIZE 15 GREY MAROON BLACK WHITE 580518 013,.

Nike & Jordan Sneaker Surprise Box 100% Authentic Size 9-11,.  IPOs are media darlings, and help create buzz about sectors.  In LS, we aren’t likely to have that type of buzz anytime soon.

Our data and analysis of course has some short-comings.AIR JORDAN 3 RETRO OG “BLACK CEMENT” 2018 - ITEM NUMBER 3416-1,.  However, it has been shown by others that the recent web high flyers are mostly concentrated2001 NIKE AIR JORDAN 11 XI SNAKE LOW White Black-Navy 136071-102 size 9.5,.

Some of you who follow venture returns data may be asking some questions:

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Item specifics

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US Shoe Size (Men's): 12 Brand:



Does not apply

Nike Air Foamposite One PRM Abalone 575420-009 Men’s Size 10.5, We think that there are a few reasons:

  1. 2018 Air Jordan 1 Retro High OG GAME ROYAL BLACK-SUMMIT WHITE Nike Size 11.5, – DS Nike LeBron XI NBA 2K14 Limited Edition 2014 Pairs 650884-674 James 11.5,
  2. Nike Zoom Fly Sp Doernbecher Size 10, – New Authentic Nike Air Vapormax Flyknit TRIPLE BLACK shoes sz 9.5 849558-011,Air Jordan Brazil 6's Size 11 Brand New DS,
  3. Nike Air Jordan I 1 Retro SHATTERED BACKBOARD AWAY 10,–  Unlike IT where 100x returns are possible and have driven great outcomes in companies like Skype and Google, and will most likely in Zynga and Facebook, Life Sciences never will have these wild “Black Swan” outliers.. These 100x’ers are the companies that draw press attention, new talent, and more capital into the IT space.
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To get all of the numbers and the full commentary, please head over to the Nature website.

For simplicity’s sake, in this post, we use the term Life Sciences to cover all of Healthcare venture capital investing and the term IT/Tech to cover all Information technology, Internet/Software, and Hardware related categories.


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