mRNA Phase 3 Licensing Benchmarks
Deal economics across 5 transactions with 4 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$590M
4 deals with terms
Median Total Value
$590M
Upfront + milestones
Royalty Range
1%--4%
Average low--high
Deal Count
5
2024--2025
The median upfront payment for phase 3 mrna licensing deals is $590M, based on 4 deals with disclosed terms from 2024--2025. Total deal values (including milestones) reach a median of $590M. Royalty rates typically range from 1% to 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 |
|---|---|---|---|---|
| Moderna | Blackstone Life Sciences | 2024 | $750M | $750M |
| Moderna | HHS/BARDA | 2025 | $590M | $590M |
| HHS | Moderna | 2025 | $590M | $590M |
Showing 3 of 4 deals with disclosed terms. Full comp set available in the report.
Full mRNA phase-3 Comp Set
Get the complete analysis -- 4 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, 2024--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.