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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 shoes Air Jordan 8 Retro Lo Cinder Chocolate Brown Pink Sneakers Womens 7.5, 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 Free TR 6 Womens Jade Turquoise White Athletic Sneakers 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.Women's Nike Zoom Fitness Training shoes ( 904645-100) New White Black,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Women's Air Max 90 Pinnacle Mushroom Oatmeal 839612-200 - Presto Flyknit OG,.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 LUNAREPIC LOW FLYKNIT 2 OREO 863780 041 WOMENS SIZE 12 = MENS 10.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Air Max Thea Print Casual Women's shoes,.

Nike womens free RN running trainers 831509 007 sneakers shoes,.  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 Roshe One Premium Suede Women's Casual Walking shoes in Midnight Navy,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIB Mens Nike Lunar MVP Pregame 2 Running (684690) 011 white graphite SIZE 6.5,.

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

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  3. NEW WMNS NIKE FLEX SUPREME TR 5 Size 7 US ,–  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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