Phase 2 Immunology & Autoimmune Deal Benchmarks
Market Analysis
Phase 2 immunology & autoimmune licensing deals carry a median total deal value of $2.4B, with upfront payments ranging from $247M to $675M. At this stage, deal structures are balanced between upfront and milestone payments, reflecting the proof-of-concept inflection. The recommended split allocates 19% to upfront and 81% to milestones.
The immunology & autoimmune landscape at the phase 2 stage is characterized by high competitive intensity, particularly in inflammatory bowel disease and autoimmune conditions. Development milestones average $393M, regulatory milestones contribute $688M, and commercial milestones reach $884M. CAR-T for autoimmune diseases, TL1A inhibitors, and next-generation targeted therapies are reshaping the licensing landscape.
Royalty rates for phase 2 immunology & autoimmune deals range from 13.1% to 21.9% at the base tier, with high-tier escalation to 25.9%. Mid-stage royalties reflect the balance of de-risking achieved and remaining development investment.
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Frequently Asked Questions
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