ADC vs Bispecific Antibody — Oncology Deal Terms Comparison
Market Analysis
In oncology, ADC and Bispecific Antibody represent two of the most actively transacted modalities. At Phase 2, ADC deals carry a median total deal value of $2.6B with $411M upfront, compared to $2.2B total value and $348M upfront for Bispecific Antibody. The valuation difference reflects distinct risk-reward profiles, manufacturing complexity, and competitive dynamics.
Milestone structures diverge between the two modalities. ADC development milestones average $550M versus $466M for Bispecific Antibody. Commercial milestones are $770M for ADC and $652M for Bispecific Antibody. Royalty rates range from 13.6%-22.2% for ADC and 12.9%-21.1% for Bispecific Antibody.
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Frequently Asked Questions
How do ADC and Bispecific Antibody deal terms compare in oncology?
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