mRNA Phase 2 Licensing Benchmarks
Deal economics across 6 transactions with 5 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$376M
5 deals with terms
Median Total Value
$2.0B
Upfront + milestones
Royalty Range
9.3%--19.3%
Average low--high
Deal Count
6
2019--2025
The median upfront payment for phase 2 mrna licensing deals is $376M, based on 5 deals with disclosed terms from 2019--2025. Total deal values (including milestones) reach a median of $2.0B. Royalty rates typically range from 9.3% to 19.3%. 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 |
|---|---|---|---|---|
| HHS/BARDA | Moderna | 2025 | $590M | $766M |
| Deciphera Pharmaceuticals | AstraZeneca | 2024 | $470M | $3.2B |
| Denali Therapeutics | Regeneron | 2022 | $376.25M | $2.6B |
Showing 3 of 5 deals with disclosed terms. Full comp set available in the report.
Full mRNA phase-2 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--2025). 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.