Small Molecule Phase 2 Licensing Benchmarks
Deal economics across 66 transactions with 48 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$136M
48 deals with terms
Median Total Value
$1.0B
Upfront + milestones
Royalty Range
10.1%--18%
Average low--high
Deal Count
66
2017--2026
The median upfront payment for phase 2 small molecule licensing deals is $136M, based on 48 deals with disclosed terms from 2017--2026. Total deal values (including milestones) reach a median of $1.0B. Royalty rates typically range from 10.1% to 18%. 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 |
|---|---|---|---|---|
| Cerevel Therapeutics | AbbVie | 2023 | $8.7B | $8.7B |
| Centessa Pharmaceuticals | Eli Lilly | 2026 | $6.3B | $7.8B |
| Turning Point Therapeutics | BMS | 2022 | $4.1B | $4.1B |
Showing 3 of 48 deals with disclosed terms. Full comp set available in the report.
Full small-molecule phase-2 Comp Set
Get the complete analysis -- 48 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.