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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 NEW 10.5 Nike Air Jordan XXXI 31 PRM Battle Grey Cool Wolf 914293-013 Westbrook, 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 Dualtone Racer Elemental pink Light Carbon Pink Running shoes Women Sz 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.Nike In SeasonTR 6 Training shoes, Women's Size 6.5, White Antharacite-Wolf grey,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Men's SFB Special Field Boots Black sz 7.5 [329798 002] military,.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 Cf Superflex W Running shoes - Choose SZ color,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.ADIDAS WOMAN SPORTS RUNNING SNEAKER SHOES SYNTHETIC CODE BB1733 PUREBOOST XPOSE,.

Adidas Originals ZX Flux ADV Smooth Slip On Womens Sneakers shoes - Pink,.  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.ADIDAS NMD R2 WOMEN SHOES BA7259 Ivy Green SIZE 8.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women's Air Huarache Run Ultra Running shoes,.

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

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Item specifics

Condition:
Pre-owned: An item that has been used or worn previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand:

Nike

Style: Fashion Sneakers US Shoe Size (Men's): 10.5
Color:

Red

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  1. Nike Women's Flex Contact Running shoes Sneakers Black White Size 8.5 NWB, – Adidas Womens UltraBOOST Uncaged Running shoes Mystery Ruby Maroon Sz 9 (DA9596),
  2. Adidas STAN SMITH S75104 whiteo mod. S75104, – NEW Womens Ultra Boost 4.0 Cloud White 'Show Your Stripes' Size 9.5,Adidas Equipment EQT Support Adv Womens Girls Lace Up Black Running Trainers,
  3. Adidas Ultra Boost ST Parley Womens Running Trainer shoes bluee,–  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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