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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 Air Jordan 5 retro Fire Red , Size 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.AIR JORDAN VII 7 RETRO PREMIO NEW SIZE 9.5 BIN WHITE DEL SOL RED 436206 101,.

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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 LeBron 16 Low Atmos Safari orange Size 11.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE ROSHE TIEMPO VI LEATHER WHITE SIZE 8 NEW,.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:

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2014 NIKE BLAZER HIGH SP CDG COMME DES GARCONS BLACK 704571-001 size 12,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Mens NIKE FLYKNIT LUNAR 1+ One MULTICOLOR 554887 004 Size 11,.

DS Nike Air More Uptempo 96 Size 9 Scottie Pippen 414962-105,.  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.Lebron James Zoom Soldier 1 QS Think 16 25 Straight CT16 AO2088-400 8-9 Cavs,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan Ultra Fly 2 Black white Red 897998-001 Men's Retro Basketbal,.

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

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  3. NEW 2019 Off-White The The Nike Air Max 90 Desert Ore AA7293-200 size 10.5,–  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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