Small Molecule Phase 3 Licensing Benchmarks
Deal economics across 67 transactions with 45 disclosed upfront payments. Primary-source-verified from SEC EDGAR, FTC filings, and direct research.
Median Upfront
$160M
45 deals with terms
Median Total Value
$775M
Upfront + milestones
Royalty Range
8.2%--15%
Average low--high
Deal Count
67
2017--2026
The median upfront payment for phase 3 small molecule licensing deals is $160M, based on 45 deals with disclosed terms from 2017--2026. Total deal values (including milestones) reach a median of $775M. Royalty rates typically range from 8.2% to 15%. 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 |
|---|---|---|---|---|
| Karuna Therapeutics | Bristol Myers Squibb | 2023 | $14.0B | $14.0B |
| Karuna Therapeutics | Bristol-Myers Squibb | 2023 | $14.0B | $14.0B |
| CymaBay Therapeutics | Gilead Sciences | 2023 | $4.3B | $4.3B |
Showing 3 of 45 deals with disclosed terms. Full comp set available in the report.
Full small-molecule phase-3 Comp Set
Get the complete analysis -- 45 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.