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Cystic Fibrosis — Deal Benchmarks & Valuation

Median Upfront
$420M
Range: $205M - $633M
Total Deal Value
$2.3B
Range: $1.3B - $3.2B
Royalty Rate
7.7% - 15.4%
Tiered up to 19.4%
Dev Milestones
$405M
Range: $244M - $567M

Market Analysis

Cystic Fibrosis is one of the most actively transacted indications in rare disease licensing. Phase 2 deals for cystic fibrosis carry a median total deal value of $2.3B, with upfront payments ranging from $205M to $633M. The recommended deal structure allocates approximately 19% to upfront payments and 81% to milestones.

Milestone structures for cystic fibrosis deals allocate $405M to development milestones, $461M to regulatory milestones, and $976M to commercial milestones. Royalty rates range from 7.7% to 15.4% at the base tier, with tiered escalation reaching 11.7%-19.4% on peak sales.

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Frequently Asked Questions

What are typical deal terms for cystic fibrosis licensing?
Phase 2 cystic fibrosis licensing deals average $420M in upfront payments with $2.3B total deal value. The 19/81 upfront/milestone split reflects the risk profile at this clinical stage.
What royalty rates are standard for cystic fibrosis deals?
Base royalty rates for cystic fibrosis transactions range from 7.7% to 15.4%, with tiered escalations reaching 11.7%-19.4% on peak sales. Rates are influenced by mechanism differentiation, competitive positioning, and territorial scope.
How are cystic fibrosis deal milestones structured?
Cystic Fibrosis deals allocate approximately 81% of total deal value to milestones. Development milestones ($405M) make up the largest share, followed by commercial milestones ($976M) and regulatory milestones ($461M).
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