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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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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.Marc by marc jacobs sandal wedge,.

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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.Steve Madden Women's Meteor Pump,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Womens TOPSHOP 226609 brown leather ankle strap strappy sandals sz. 37,.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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Lucky Brand Jenley Bright White Italian Nappa Leather Strappy Wedge Sandal 6,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Womens shoes EDDY DANIELE 4 (EU 37) sandals green swarovski suede AW07,.

Nine West Gannon Womens Flat Sandals Black 9.5 US 7.5 UK,.  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.Carlos Ginseng Coffee Brown Open Toe Sandal - Size 10,.  However, it has been shown by others that the recent web high flyers are mostly concentratedAravon Women's Clarissa Fisherman Sandal - Choose SZ color,.

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
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Size Type: Regular MPN:

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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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