mRNA Preclinical Licensing Benchmarks
Deal economics across 22 transactions with 11 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$75M
11 deals with terms
Median Total Value
$176M
Upfront + milestones
Deal Count
22
2017--2026
The median upfront payment for preclinical mrna licensing deals is $75M, based on 11 deals with disclosed terms from 2017--2026. Total deal values (including milestones) reach a median of $176M. 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 |
|---|---|---|---|---|
| Translate Bio | Sanofi | 2021 | $3.2B | $3.2B |
| HHS/BARDA | ModernaTX | 2024 | $176M | $176M |
| RRPV | Moderna | 2024 | $176M | $176M |
Showing 3 of 11 deals with disclosed terms. Full comp set available in the report.
Full mRNA Preclinical Comp Set
Get the complete analysis -- 11 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.