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PNH — Deal Benchmarks & Valuation

Median Upfront
$773M
Range: $410M - $1.1B
Total Deal Value
$4.0B
Range: $2.5B - $5.6B
Royalty Rate
15.3% - 25.5%
Tiered up to 29.5%
Dev Milestones
$652M
Range: $418M - $889M

Market Analysis

PNH is one of the most actively transacted indications in immunology licensing. Phase 2 deals for pnh carry a median total deal value of $4.0B, with upfront payments ranging from $410M to $1.1B. The recommended deal structure allocates approximately 19% to upfront payments and 81% to milestones.

Milestone structures for pnh deals allocate $652M to development milestones, $1.1B to regulatory milestones, and $1.5B to commercial milestones. Royalty rates range from 15.3% to 25.5% at the base tier, with tiered escalation reaching 19.3%-29.5% on peak sales.

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Frequently Asked Questions

What are typical deal terms for pnh licensing?
Phase 2 pnh licensing deals average $773M in upfront payments with $4.0B total deal value. The 19/81 upfront/milestone split reflects the risk profile at this clinical stage.
What royalty rates are standard for pnh deals?
Base royalty rates for pnh transactions range from 15.3% to 25.5%, with tiered escalations reaching 19.3%-29.5% on peak sales. Rates are influenced by mechanism differentiation, competitive positioning, and territorial scope.
How are pnh deal milestones structured?
PNH deals allocate approximately 81% of total deal value to milestones. Development milestones ($652M) make up the largest share, followed by commercial milestones ($1.5B) and regulatory milestones ($1.1B).
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