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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 QS RARE NIKE ROSHE RUN FB YEEZY YZY PINK FLASH FRESH MINT CHROME LIMITED ED 13, 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.New Air Force 1 Mid 07 Ridgerock Black 315123-205 Men's Size 9.5,.

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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 Court Royale Suede 819802003 grey halfshoes,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.WORN NIKE AIR JORDAN 6 Vi ALTERNATE HARE WHITE RED MAROON SZ 10 QS RARE,.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 Free Trainer 3.0 Black LT-Crimson Men's Running Training shoes Size 15,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Flyknit Racer Pink Flash Black Hyper Crimson SZ 10 (526628-600),.

Nike DUNK HIGH PRO SB Tropical Teal University gold 305050-371 (295) Men's 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 2013 Zoom Hyperdunk TB Royal bluee Basketball shoes Sneakers NEW Mens Sz 18,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Pegasus 89 PRM SE 857935-100 Black White Retro Men’s Size 13,.

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

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  3. NIKE FREE RN FLYKNIT 2017 MEN'S SHOES [SIZE 12.5] 880843-012 BLACK RIVER ROCK,–  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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