Phase 2 vs Phase 3 — Cardiovascular Deal Valuation Comparison
Market Analysis
The Phase 2 to Phase 3 transition in cardiovascular represents a significant value inflection point. Phase 3 deals carry a median total deal value of $5.4B compared to $3.0B at Phase 2, a 78% premium reflecting clinical de-risking. Upfront payments increase from $606M to $1.7B.
Deal structures shift as assets advance. Phase 2 deals allocate 20% to upfront and 80% to milestones, while Phase 3 deals shift to 31%/69%. Development milestones move from $537M to $376M, and royalty rates evolve from 9.4%-18.7% to 14.1%-25.8%.
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Frequently Asked Questions
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