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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 Air Max Mark Parker Ultra Deep Royal bluee Black-White Mens Size 11 848625, 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 Trainer V7 Week Zero Florida Gators UF Men's shoes AA0881 401 size 14,.

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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 Air Max 90 Waterproof Winter 684714 700 man bronze shoes Brand New 180,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE JORDAN AIR DELUXE 807717-101 High top Basketball Trainers Size 12 Med,.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 Inneva Woven bluee SKU 579916402. NEW WITH BOX ,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE AIR JORDAN CP3. IX AE BASKETBALL MEN SHOES WHITE 833909-004 SIZE 11.5 NEW,.

NIKE LUNARGLIDE + 4 React Volt max Zoom Fly 524977 707 Epic 9 10 NEW DS,.  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.Brad New Mens Kobe AD 922482-401 Obsidian White Size 11.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Max Woven Boot SE Dark Obsidian Rainbow Multi color SZ 8.5 (AH8139-400),.

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:

Nike

US Shoe Size (Men's): 9 Style: Athletic Sneakers
Color:

Multi-Color

UPC:

Does not apply

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  3. Nike Air Jordan Eclipse Chukka Men Trainers 881453 Sneakers shoes 006,–  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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