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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 Women's Nike Juvenate shoes Enamel Green Spring Leaf Size 7 724979 304 NIB, 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 Classic Cortez Special Edition Green Cargo Khaki Sneakers 902801-300 Size 8,.

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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.1806 Nike JORDAN HYDRO 7 (GS) Men's Slides Slippers AA2517-002,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE Air Max Thea Mid Black Size 6 Women’s shoes,.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 Falcon Womens CG6247 Metallic gold Off White Athletic shoes Size 6,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Adidas Crazytrain LT W [CG3498] Women Training shoes Chalk Pearl White,.

Adidas Low (3 4 in. to 1 1 2 in.) Solid Boots for Women S80742 Size 6 7 8 9,.  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.Nike Air Huarache Run Mid Women's Size 8 shoes White Soar Pink Pow 807313 100,.  However, it has been shown by others that the recent web high flyers are mostly concentratedAdidas Women's Ultra Boost - NEW IN BOX - FREE SHIP - Pink White - F36122 +,.

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

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Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Brand New! 100% Authentic.
Color:

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Brand:

adidas

US Shoe Size (Women's): 9

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  3. Adidas Men's Crazyflight Bounce Volleyball shoes,–  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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