Data-driven analysis backed by 1,400+ primary-sourced biopharma transactions. Licensing benchmarks, negotiation strategies, and market intelligence.
Ipsen has executed 8 deals since 2017, with a sharp pivot toward hematology driving its most recent — and largest — transactions. Here's what their deal activity tells BD teams, founders, and investors about where Ipsen is heading and how to position assets accordingly.
The median upfront for a Phase 2 bispecific antibody metabolic licensing deal has hit $340M — a number that would have been inconceivable three years ago. We break down the benchmark data, deconstruct the biggest comparable deals, and deliver the negotiation playbook BD teams actually need.
The median upfront payment for a Phase 2 ADC immunology licensing deal has hit $340M — a number that would have been considered fantasy three years ago. We break down the benchmark data, deconstruct five real 2025 comparable deals, and deliver a tactical negotiation playbook for both biotech founders and pharma BD teams.
Roche has committed up to $700M to license Nurix Therapeutics' BTK protein degrader bexobrutideg, marking one of the more significant small molecule oncology collaboration deals of 2026. The upfront terms signal that Big Pharma is willing to pay a meaningful premium for differentiated degrader assets. Here's how the deal stacks up against benchmark data and what it means for BD teams working similar assets.
Roche has committed up to $700M to Nurix Therapeutics for rights to bexobrutideg, a BTK-targeting protein degrader in Phase 2. The deal lands at the floor of Phase 2 oncology total value benchmarks — but the modality premium and strategic timing tell a more complicated story.
The median upfront for an anti-VEGF neurology licensing deal at Phase 2 has reached $316M — a figure that would have been unthinkable three years ago. Here's what's driving valuations, how the biggest recent neurology deals were structured, and what your term sheet should look like.
The median upfront for a Phase 2 GLP-1 agonist oncology licensing deal now sits at $316M — a figure that would have been considered a Phase 3 premium just two years ago. Here's the full benchmark breakdown, deal deconstructions, and a negotiation playbook built for the current market.
The median upfront for a Phase 2 PROTAC women's health licensing deal now sits at $316M — a number that would have been unthinkable three years ago. We deconstruct the benchmark data, break down real comparable deals, and lay out the negotiation playbook for both founders and BD teams.
Eli Lilly just bet $1.9 billion on RNA exon editing through a new pact with Ascidian Therapeutics targeting kidney disease. The deal is a landmark for an emerging modality — and a data point every BD team should be watching. Here's the full breakdown.
The median upfront for a Phase 2 mRNA gastroenterology licensing deal has hit $316M — a number that would have been unthinkable three years ago. Here's how the deal structures actually break down, what the comparable transactions reveal about buyer conviction, and where the negotiation leverage really sits.
The median upfront for an RNAi dermatology licensing deal at Phase 2 has hit $316M — a number that would have been absurd five years ago. Here's what's driving the premium, how the biggest deals were structured, and what your next term sheet should look like.
Regeneron paid Telix $40M to enter radiopharma — 1% of what BMS paid for RayzeBio. A structural breakdown of why the deal signals the end of radiopharma's M&A era, and what comes next for the eight big pharmas still without a radiopharma presence.
Gilead's $465M option/license deal with Tubulis signals a disciplined re-entry into the ADC space after Trodelvy setbacks. We break down the deal economics, rNPV framework, and what the structure reveals about large pharma ADC strategy in 2026.
Over $40B in biopharma partnership value was terminated in 2024 alone. We analyze the top terminations, the pattern of serial deal dissolutions, and how this trend is reshaping out-licensing strategy and deal structure negotiations.
Neurocrine's $2.9B all-cash acquisition of Soleno Therapeutics adds VYKAT XR — the first approved treatment for Prader-Willi Syndrome hyperphagia — to a growing rare disease portfolio. We model the deal economics, assess the acquisition premium, and benchmark against rare disease M&A history.
Oncology remains the dominant therapeutic area for biopharma M&A, with ADCs driving the largest transactions. This comprehensive benchmarking report analyzes deal structures across clinical stages, models returns under uncertainty, and identifies which pharma companies still need ADC franchises.
Drawing from thousands of disclosed biopharma deals, we distill seven negotiation strategies that consistently produce better licensing terms for biotech companies.
Phase 2 biotech assets consistently command 2-4x the deal values of Phase 1 programs. We explain the mechanics behind the phase transition premium and how to use it in negotiations.
The obesity drug market has transformed biopharma deal-making. From dual incretins to oral GLP-1 formulations, we analyze how the metabolic deal landscape is evolving in 2026.
ADC licensing deals have reached unprecedented valuations in 2026. We break down the forces behind this surge and what it means for deal teams negotiating their next partnership.
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