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Phase 1/2 Immunology & Autoimmune Deal Benchmarks

Median Upfront
$284M
Range: $139M - $427M
Total Deal Value
$1.9B
Range: $1.1B - $2.6B
Royalty Rate
10.9% - 18.6%
Tiered up to 22.6%
Dev Milestones
$440M
Range: $263M - $619M

Market Analysis

Phase 1/2 immunology & autoimmune licensing deals carry a median total deal value of $1.9B, with upfront payments ranging from $139M to $427M. At this stage, deal structures are heavily milestone-weighted, reflecting the significant clinical risk ahead. The recommended split allocates 15% to upfront and 85% to milestones.

The immunology & autoimmune landscape at the phase 1/2 stage is characterized by high competitive intensity, particularly in inflammatory bowel disease and autoimmune conditions. Development milestones average $440M, regulatory milestones contribute $551M, and commercial milestones reach $598M. CAR-T for autoimmune diseases, TL1A inhibitors, and next-generation targeted therapies are reshaping the licensing landscape.

Royalty rates for phase 1/2 immunology & autoimmune deals range from 10.9% to 18.6% at the base tier, with high-tier escalation to 22.6%. Earlier-stage royalties are at the lower end of industry ranges, reflecting higher clinical risk.

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Frequently Asked Questions

What is the average upfront payment for phase 1/2 immunology & autoimmune deals?
Phase 1/2 immunology & autoimmune deals average $284M in upfront payments, ranging from $139M to $427M. The upfront allocation of 15% of total deal value reflects the clinical stage risk profile.
How are phase 1/2 immunology & autoimmune deal milestones structured?
Milestones account for approximately 85% of total deal value. Development milestones ($440M) represent the largest component, followed by commercial milestones ($598M) and regulatory milestones ($551M).
What royalty rates are typical for phase 1/2 immunology & autoimmune licensing?
Base royalty rates range from 10.9% to 18.6%, with tiered escalation to 14.9%-22.6% on peak sales. Rates are influenced by modality, competitive positioning, and territorial scope.
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