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Early-stage returns?

Nature Biotechnology volume 24, pages 1335–1340 (2006)Cite this article

Contrary to conventional thinking, there are compelling reasons for investors to consider early-stage life science ventures, especially in the context of a maturing biotech business 'ecosystem'.

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Figure 1: Poor returns and challenging public markets.
Figure 2: Historic boom and bust cycles in the biotech public markets.
Figure 3: The increase in large venture capital funds is pushing capital toward larger later stage deals.
Figure 4: M&As have been an increasingly important driver of venture investor liquidity in biotech.
Figure 5: Reverse mergers in biotech are increasing frequent and credible means to access the public markets.

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Acknowledgements

The author would like to thank his colleagues at Atlas Venture for their advice and feedback, and in particular to Kevin Clancy for his assistance in helping pull together the analyses.

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Author notes

  1. Bruce L Booth: He focuses exclusively on the life sciences. Before joining Atlas, he was an investor with Caxton Health Holdings and a management consultant with McKinsey & Company.

Authors and Affiliations

  1. principal with global early-stage venture capital firm Atlas Venture, 890 Winter Street, Suite 320, Waltham, 02451, Massachusetts, USA

    Bruce L Booth

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  1. Bruce L Booth
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Booth, B. Early-stage returns?. Nat Biotechnol 24, 1335–1340 (2006). https://doi.org/10.1038/nbt1106-1335

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