Cardiovascular Phase 2 Deal Benchmarks — Ex-US (2026)
Median upfront of $227M with total deal values reaching $1.5B in Ex-US territory.
Median Upfront
$227M
Total Deal Value
$1.1B
Royalty Range
6.9%–13.9%
Territory Multiplier
0.45x
Understanding Cardiovascular Deal Benchmarks at Phase 2
Phase 2 Cardiovascular licensing deals in Ex-US territory command a median upfront payment of $227M, with values ranging from $125M at the low end to $326M for premium assets. These benchmarks reflect the risk-adjusted value of clinical-stage assets in the cardiovascular therapeutic area, where development costs, competitive dynamics, and market potential all factor into deal pricing.
Total deal values — including milestones for development, regulatory, and commercial achievements — range from $730M to $1.5B, with a median of $1.1B. Royalty rates for cardiovascular assets at this stage typically fall between 6.9% and 13.9% of net sales, reflecting the balance between licensor value contribution and licensee commercialization investment.
The Ex-US territory applies a 0.45x multiplier to base deal economics. This accounts for market size, regulatory complexity, pricing environment, and competitive landscape differences across geographies. Licensors negotiating ex-us rights should calibrate upfront expectations and milestone structures accordingly.
Full Market Analysis
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Full Benchmark Data
| Metric | Low | Median | High |
|---|---|---|---|
| Upfront Payment | $125M | $227M | $326M |
| Total Deal Value | $730M | $1.1B | $1.5B |
| Royalty Rate | 6.9% | — | 13.9% |
Comparable Deals
| Year | Licensor | Licensee | Upfront | Total Value | Deal Type |
|---|---|---|---|---|---|
| 2024 | BridgeBio Pharma | Astellas Pharma | $400M | $1.7B | licensing |
| 2024 | Agepha Pharma | Grünenthal | $45M | $180M | licensing |
See All Comparable Deals
View 2 comparable Cardiovascular transactions with upfront payments, total values, and deal structures.
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Frequently Asked Questions
What is the average upfront payment for Phase 2 Cardiovascular deals in Ex-US territory?
How does Ex-US territory affect Cardiovascular deal value?
What royalty rates are typical for Phase 2 Cardiovascular licensing?
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Open SolidusCite This Data
Ambrosia Ventures. (2026). Cardiovascular Phase 2 Deal Benchmarks — Ex-US (2026). Retrieved from https://solidus.ambrosiaventures.co/data/cardiovascular-phase-2-deals-ex-us
<a href="https://solidus.ambrosiaventures.co/data/cardiovascular-phase-2-deals-ex-us">Cardiovascular Phase 2 Deal Benchmarks — Ex-US (2026)</a> — Ambrosia Ventures (2026)
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Data sourced from 1,600+ verified biopharma transactions. Updated monthly.