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RNAi / siRNA vs ASO — Rare Disease Deal Terms Comparison

RNAi / siRNA Median Upfront
$456M
Total: $2.5B
ASO Median Upfront
$456M
Total: $2.5B
RNAi / siRNA Royalties
8.2%-16.4%
Tiered to 20.4%
ASO Royalties
8.2%-16.4%
Tiered to 20.4%

Market Analysis

In rare disease, RNAi / siRNA and ASO represent two of the most actively transacted modalities. At Phase 2, RNAi / siRNA deals carry a median total deal value of $2.5B with $456M upfront, compared to $2.5B total value and $456M upfront for ASO. The valuation difference reflects distinct risk-reward profiles, manufacturing complexity, and competitive dynamics.

Milestone structures diverge between the two modalities. RNAi / siRNA development milestones average $441M versus $441M for ASO. Commercial milestones are $1.1B for RNAi / siRNA and $1.1B for ASO. Royalty rates range from 8.2%-16.4% for RNAi / siRNA and 8.2%-16.4% for ASO.

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Frequently Asked Questions

How do RNAi / siRNA and ASO deal terms compare in rare disease?
RNAi / siRNA Phase 2 deals average $2.5B total deal value ($456M upfront), while ASO deals average $2.5B ($456M upfront). The difference reflects modality-specific risk profiles, manufacturing considerations, and competitive positioning.
Which modality commands higher royalty rates: RNAi / siRNA or ASO?
RNAi / siRNA base royalties range from 8.2% to 16.4%, while ASO royalties range from 8.2% to 16.4%. High-tier escalation reaches 20.4% for RNAi / siRNA and 20.4% for ASO.
How do milestone structures differ between RNAi / siRNA and ASO?
RNAi / siRNA deals allocate $441M to development milestones vs $441M for ASO. Commercial milestones are $1.1B (RNAi / siRNA) vs $1.1B (ASO), reflecting different commercialization profiles and market expectations.
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