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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 MENS NIKE AIR JORDAN 6 VI BLACK INFRARED 2014 BRAND NEW DS RARE SIZE 8.5 Tgold, 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 x UNDFTD ZOOM KOBE 1 PredRO CAMOUFLAGE CAMO UNDEFEATED BRYANT LAKERS SZ 11,.

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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 Red Metallic size 10 314996-610,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Jordan 1 Low Men's shoes Size 11 New Unworn - Army Green,.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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Nike SB Dunk Low Heineken BRAND NEW Size 9.5 2003 DEADSTOCK. STAIN ON 1 SHOE,.  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.NEW NIKE AIR JORDAN 1 JUST DON BHM Black History 1 in 37 PROMO SAMPLE 398178-178,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan VI 6 Retro 2019 OG Black Infrared US 12.5 Doernbecher 3M,.

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

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Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand:

Nike

US Shoe Size (Men's): 8.5 Style: Basketball Shoes
UPC:

Does not apply

2004 NIKE AIR MAX 90 PREMIUM CREPE PACK BIRCH GULF blueE MUSHROOM 308855-221 11.5, We think that there are a few reasons:

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  2. Nike Air VaporMax Utility Black orange Peel AH6834-008 w Receipt Size 9-13, – Nike Air Jordan Retro 11 XI Win like 96 gym red 378037-623 Sz 9.5 space jam 1,DEADSTOCK VINTAGE NIKE EQUATOR RUNNING SHOES FROM 1984 SIZE 9,
  3. Nike Air Foamposite Pro Pearl 2010. 624041-206 DEADSTOCK Sz-10 NIB,–  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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