ADC Phase 3 Licensing Benchmarks
Deal economics across 7 transactions with 7 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$462M
7 deals with terms
Median Total Value
$6.9B
Upfront + milestones
Royalty Range
7.4%--15.3%
Average low--high
Deal Count
7
2019--2026
The median upfront payment for phase 3 adc licensing deals is $462M, based on 7 deals with disclosed terms from 2019--2026. Total deal values (including milestones) reach a median of $6.9B. Royalty rates typically range from 7.4% to 15.3%. 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 |
|---|---|---|---|---|
| Cidara Therapeutics | Merck | 2025 | $9.2B | $9.2B |
| Daiichi Sankyo | Merck | 2023 | $4.0B | $22.0B |
| Daiichi Sankyo | AstraZeneca | 2023 | $1.0B | $6.9B |
Showing 3 of 7 deals with disclosed terms. Full comp set available in the report.
Full ADC phase-3 Comp Set
Get the complete analysis -- 7 deals with upfronts, milestones, royalties, and term structures.
Primary-source-verified from SEC EDGAR, FTC filings, and direct research
Run Your Own Analysis
Get a customized deal estimate for your specific adc asset with our proprietary calculator.
Start CalculatingMethodology
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.