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Migraine — Deal Benchmarks & Valuation

Median Upfront
$292M
Range: $145M - $441M
Total Deal Value
$2.6B
Range: $1.6B - $3.6B
Royalty Rate
11.8% - 18.8%
Tiered up to 22.8%
Dev Milestones
$756M
Range: $464M - $1.0B
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Market Analysis

Migraine is one of the most actively transacted indications in neurology licensing. Phase 2 deals for migraine carry a median total deal value of $2.6B, with upfront payments ranging from $145M to $441M. The recommended deal structure allocates approximately 11% to upfront payments and 89% to milestones.

Milestone structures for migraine deals allocate $756M to development milestones, $825M to regulatory milestones, and $710M to commercial milestones. Royalty rates range from 11.8% to 18.8% at the base tier, with tiered escalation reaching 15.8%-22.8% on peak sales.

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Frequently Asked Questions

What are typical deal terms for migraine licensing?
Phase 2 migraine licensing deals average $292M in upfront payments with $2.6B total deal value. The 11/89 upfront/milestone split reflects the risk profile at this clinical stage.
What royalty rates are standard for migraine deals?
Base royalty rates for migraine transactions range from 11.8% to 18.8%, with tiered escalations reaching 15.8%-22.8% on peak sales. Rates are influenced by mechanism differentiation, competitive positioning, and territorial scope.
How are migraine deal milestones structured?
Migraine deals allocate approximately 89% of total deal value to milestones. Development milestones ($756M) make up the largest share, followed by commercial milestones ($710M) and regulatory milestones ($825M).
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