Antibody Phase 2 Licensing Benchmarks
Deal economics across 50 transactions with 37 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$600M
37 deals with terms
Median Total Value
$1.8B
Upfront + milestones
Royalty Range
7.8%--16.4%
Average low--high
Deal Count
50
2017--2026
The median upfront payment for phase 2 antibody licensing deals is $600M, based on 37 deals with disclosed terms from 2017--2026. Total deal values (including milestones) reach a median of $1.8B. Royalty rates typically range from 7.8% to 16.4%. 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 |
|---|---|---|---|---|
| Prometheus Biosciences | Merck | 2026 | $11.0B | $11.0B |
| Roivant Sciences | Roche | 2022 | $7.3B | $7.3B |
| Telavant Holdings | Roche | 2023 | $7.3B | $7.3B |
Showing 3 of 37 deals with disclosed terms. Full comp set available in the report.
Full antibody phase-2 Comp Set
Get the complete analysis -- 37 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, 2017--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.