ADC Phase 2 Licensing Benchmarks
Deal economics across 11 transactions with 11 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$800M
11 deals with terms
Median Total Value
$3.4B
Upfront + milestones
Royalty Range
6.6%--17.2%
Average low--high
Deal Count
11
2019--2026
The median upfront payment for phase 2 adc licensing deals is $800M, based on 11 deals with disclosed terms from 2019--2026. Total deal values (including milestones) reach a median of $3.4B. Royalty rates typically range from 6.6% to 17.2%. 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 |
|---|---|---|---|---|
| Daiichi Sankyo | Merck | 2023 | $4.0B | $20.5B |
| Tubulis | Gilead Sciences | 2026 | $3.1B | $5.0B |
| AstraZeneca | Daiichi Sankyo | 2023 | $2.0B | $6.0B |
Showing 3 of 11 deals with disclosed terms. Full comp set available in the report.
Full ADC phase-2 Comp Set
Get the complete analysis -- 11 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--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.