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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 Adidas Ultra Boost 1.0 OG Black gold Purple (W) Size 8 US 40 EUR B27172 w insole, 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 Men's Air Zoom Streak 5 - Turbo Green Black Volt (641318-300),.

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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.Adidas ORIGINALS WOMEN'S STAN SMITH TRAINERS FLORAL SNEAKERS SHOES RETRO VINTAGE,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.ADIDAS WOMENS shoes NMD CS1 PK - Legend Ink & Clear purplec - US Size,.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 WMNS Blazer Mid PRM Hi Top Trainers shoes 403729 105 WHITE VOLT 7.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Zoom Evidence II EP 2 Black Metallic gold Men Basketball shoes 908978-090,.

Nike Zoom Shift Low Top Basketball shoes Women Sz 6.5,.  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.Mens Lace Black Genuine Leather Oxford shoes Zota Mens Size 9 Sale ,.  However, it has been shown by others that the recent web high flyers are mostly concentratedADIDAS ORIGINALS WOMENS NMD CS2 PRIMEKNIT SZ 10.5 LINEN GREY CLOUD WHITE CQ2039,.

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

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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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