ADC Phase 1 Licensing Benchmarks
Deal economics across 7 transactions with 5 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$185M
5 deals with terms
Median Total Value
$1.3B
Upfront + milestones
Royalty Range
6.8%--15.8%
Average low--high
Deal Count
7
2019--2024
The median upfront payment for phase 1 adc licensing deals is $185M, based on 5 deals with disclosed terms from 2019--2024. Total deal values (including milestones) reach a median of $1.3B. Royalty rates typically range from 6.8% to 15.8%. 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 |
|---|---|---|---|---|
| Ambrx Biopharma | Johnson & Johnson | 2024 | $2.0B | $2.0B |
| CureVac | Novartis | 2019 | $288M | $1.8B |
| Hansoh Pharma | GSK | 2023 | $185M | $1.3B |
Showing 3 of 5 deals with disclosed terms. Full comp set available in the report.
Full ADC phase-1 Comp Set
Get the complete analysis -- 5 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, 2019--2024). 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.