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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 180.00 Mens Adidas A3 Twinstrike Running Training shoes (Sz 12.5) BA7235 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 Originals Continental 80 in Grey Grey Scarlet CG7128 BNIB,.

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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 Originals X_PLR, Men's, Red, Size 13,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NEW ADIDAS ORIGINALS ZX FLUX MEN'S RUNNING SHOES MULTI COLOR KNIT WHITE BB2772,.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 Mens adidas Prophere Trainers - Grey Solar Red Textile,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Adidas Mens Performance PowerAlley 4 Mid Metal Baseball Cleats Black Size 11.5,.

Adidas Men's Alphabounce Beyond 2 Running shoes BB7568,.  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.Mens Adidas Superstar Originals White Black - Size 8,.  However, it has been shown by others that the recent web high flyers are mostly concentratedAdidas Originals Handball Top Liga Tennis Men Sneaker Mens shoes CQ2313,.

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

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Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand:

adidas

US Shoe Size (Men's): 9.5 Style: Athletic Sneakers
Color:

Purple

UPC:

Does not apply

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  3. New Balance Men's Size 8 MS574STK Sport Lifestyle shoes Black White,–  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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