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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 Nike SB Zoom Blazer Low CNVS Decon Black Anthracite Sz 4 New AH3370-001, 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.DS NIKE JORDAN IX 2002 FLINT GREY 10.5 I III IV V VI VIII X XI XII XIII XVI XVII,.

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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.NEW Men's NIKE AIR JORDAN RETRO 7 BORDEAUX 304775-034 SZ 10.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Mens Nike Air Jordan 9 Retro Rare - 302370 121 - White bluee Trainers,.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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Our data and analysis of course has some short-comings.Nike Air Jordan retro IV Laser White Red Sz 12.5 iii IV VI X XI XII Bulls, Mars,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Free Flyknit Chukka Size 10 Green Black-SWD-GLD LD 639700-300 RARE,.

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

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  3. Nike Air VaporMax Run Utility White Tropical Twist orange Black Men's Trainers,–  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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