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Wet AMD — Deal Benchmarks & Valuation

Median Upfront
$768M
Range: $423M - $1.1B
Total Deal Value
$3.6B
Range: $2.4B - $4.9B
Royalty Rate
10.2% - 20.4%
Tiered up to 24.4%
Dev Milestones
$569M
Range: $385M - $756M

Market Analysis

Wet AMD is one of the most actively transacted indications in ophthalmology licensing. Phase 2 deals for wet amd carry a median total deal value of $3.6B, with upfront payments ranging from $423M to $1.1B. The recommended deal structure allocates approximately 21% to upfront payments and 79% to milestones.

Milestone structures for wet amd deals allocate $569M to development milestones, $712M to regulatory milestones, and $1.6B to commercial milestones. Royalty rates range from 10.2% to 20.4% at the base tier, with tiered escalation reaching 14.2%-24.4% on peak sales.

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Frequently Asked Questions

What are typical deal terms for wet amd licensing?
Phase 2 wet amd licensing deals average $768M in upfront payments with $3.6B total deal value. The 21/79 upfront/milestone split reflects the risk profile at this clinical stage.
What royalty rates are standard for wet amd deals?
Base royalty rates for wet amd transactions range from 10.2% to 20.4%, with tiered escalations reaching 14.2%-24.4% on peak sales. Rates are influenced by mechanism differentiation, competitive positioning, and territorial scope.
How are wet amd deal milestones structured?
Wet AMD deals allocate approximately 79% of total deal value to milestones. Development milestones ($569M) make up the largest share, followed by commercial milestones ($1.6B) and regulatory milestones ($712M).
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