Small Molecule Phase 1 Licensing Benchmarks
Deal economics across 35 transactions with 34 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$150M
34 deals with terms
Median Total Value
$950M
Upfront + milestones
Royalty Range
4.9%--10%
Average low--high
Deal Count
35
2019--2026
The median upfront payment for phase 1 small molecule licensing deals is $150M, based on 34 deals with disclosed terms from 2019--2026. Total deal values (including milestones) reach a median of $950M. Royalty rates typically range from 4.9% to 10%. 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 |
|---|---|---|---|---|
| Terns Pharmaceuticals | Merck | 2026 | $6.7B | $6.7B |
| DICE Therapeutics | Eli Lilly | 2023 | $2.4B | $2.4B |
| Synnovation Therapeutics | Novartis | 2026 | $2.0B | $3.0B |
Showing 3 of 34 deals with disclosed terms. Full comp set available in the report.
Full small-molecule phase-1 Comp Set
Get the complete analysis -- 34 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--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.