Cell Therapy Phase 1 Licensing Benchmarks
Deal economics across 9 transactions with 9 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$150M
9 deals with terms
Median Total Value
$1.7B
Upfront + milestones
Royalty Range
6.2%--14.4%
Average low--high
Deal Count
9
2018--2026
The median upfront payment for phase 1 cell therapy licensing deals is $150M, based on 9 deals with disclosed terms from 2018--2026. Total deal values (including milestones) reach a median of $1.7B. Royalty rates typically range from 6.2% to 14.4%. 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 |
|---|---|---|---|---|
| Neurona Therapeutics | UCB | 2026 | $650M | $1.1B |
| Legend Biotech | Johnson & Johnson | 2019 | $350M | $1.7B |
| Kelun-Biotech | AbbVie | 2020 | $132M | $1.7B |
Showing 3 of 9 deals with disclosed terms. Full comp set available in the report.
Full cell-therapy phase-1 Comp Set
Get the complete analysis -- 9 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, 2018--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.