ADC Approved Licensing Benchmarks
Deal economics across 10 transactions with 6 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$15.6B
6 deals with terms
Median Total Value
$13.4B
Upfront + milestones
Royalty Range
15%--21%
Average low--high
Deal Count
10
2020--2026
The median upfront payment for approved adc licensing deals is $15.6B, based on 6 deals with disclosed terms from 2020--2026. Total deal values (including milestones) reach a median of $13.4B. Royalty rates typically range from 15% to 21%. All data is primary-source-verified from SEC EDGAR, FTC pre-merger filings, and company press releases.
Representative Transactions
| Licensor | Licensee | Year | Upfront | Total Value |
|---|---|---|---|---|
| Seagen | Pfizer | 2023 | $43.0B | $43.0B |
| Immunomedics | Gilead | 2020 | $21.0B | $21.0B |
| Immunomedics | Gilead Sciences | 2020 | $21.0B | $21.0B |
Showing 3 of 6 deals with disclosed terms. Full comp set available in the report.
Full ADC Approved Comp Set
Get the complete analysis -- 6 deals with upfronts, milestones, royalties, and term structures.
Primary-source-verified from SEC EDGAR, FTC filings, and direct research
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This analysis draws from the Ambrosia Ventures proprietary deal database (1,600+ verified biopharma transactions, 2020--2026). All deal terms are primary-source-verified from SEC EDGAR (10-K, 10-Q, 8-K filings), FTC pre-merger notifications, FDA Orange Book, and company press releases. No secondary-source or scraped data is included. Medians are calculated from deals with disclosed financial terms only.