Infectious Disease Phase 2 Deal Benchmarks — US Only (2026)

Understanding Infectious Disease Deal Benchmarks at Phase 2

Phase 2 Infectious Disease licensing deals in US Only territory command a median upfront payment of $282M, with values ranging from $162M at the low end to $394M for premium assets. These benchmarks reflect the risk-adjusted value of clinical-stage assets in the infectious disease 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 $752M to $1.5B, with a median of $1.1B. Royalty rates for infectious disease assets at this stage typically fall between 6.5% and 13% of net sales, reflecting the balance between licensor value contribution and licensee commercialization investment.