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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 Response LT Mens shoes BA7544 Royal White Black, 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.Adidas Seeley Sample shoes Size 9 F37141 Black White,.

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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 Tubular X Primeknit Brand NEW 100% Authentic Size 4 1 2 US,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.New MENS ADIDAS GREEN blueE MONTREAL 76 SUEDE Sneakers Retro,.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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New.Adidas SM Crazy Explosive 2017 Low Boost Black White B75920 ET. Size 14,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.ADIDAS EQT RUNNING SUPPORT SZ 12 BLACK SUB GREEN CHALK WHITE EQUIPMENT S32144,.

Adidas Originals NMD R1 STLT PK Boost Cloud White Pink Grey CQ2390 Msrp 170 9.5,.  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.Adidas Originals shoes Men's Size US 9.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedAdidas Originals EQT Support Ultra PK Unisex Trainers Lace Up shoes BB1241 D88,.

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

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  3. Adidas Swift Run Utility Black & White 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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