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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns
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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 Zx Flux Lace S81319 Sneaker Black 179209, 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.WOMENS ADIDAS ORIGINALS NMD R2 SZ 5.5 CORE BLACK INDIGO blueE CLEAR WHITE CQ2008,.

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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 Womens Nike Hyperfuse 2012 TB Basketball shoes White Black MSRP 110,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Adidas WOMEN'S RUNNING PUREBOOST X ALL TERRAIN SHOES Size 6,.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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ADIDAS WOMEN'S ULTRA BOOST UNCAGED 'Mystery Ruby' DA9596 Size 9.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE Women's in-Season 7 Cross Trainer,.

Nike Mercurial Superfly V AG-PRO Cool Grey Hematite orange CR7 SZ 9 (852510-001),.  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.SHOES UNISEX ADIDAS NMD_XR1 BA7233,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWOMEN'S AIR MAX 90 ULTRA ESSENTIAL 724981-403 GAMMA blueE ABYSS Wmns 11 Mens 9.5,.

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

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US Shoe Size (Women's): 4-18

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  3. NIKE WMNS TANJUN BLACK BLACK WHITE 812655 002 WOMENS US SIZES,–  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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