Counterparty Playbooks
Every acquirer pays a different premium — AbbVie’s checks aren’t Gilead’s checks. We compute each buyer’s historical premium vs. the comparable-deal median from 136 buyers with at least three disclosed transactions. Use this to anchor negotiations to what the counterparty actually pays, not industry averages.
Methodology: each buyer’s deals are scored against same-TA, same-phase peer medians. Premiums are clamped to [0.7×, 1.5×] to reject outliers. Confidence scales with sample size: ≥10 deals high, 5–9 medium, 3–4 low.
| # | Buyer | Premium | Disclosed deals | Confidence | Top TAs | |
|---|---|---|---|---|---|---|
| 1 | Sanofi | ×1.08 | 58 | High confidence | oncology, immunology, rareDisease | View → |
| 2 | Eli Lilly | ×1.31 | 52 | High confidence | oncology, metabolic, neurology | View → |
| 3 | AbbVie | ×1.36 | 51 | High confidence | oncology, neurology, immunology | View → |
| 4 | AstraZeneca | ×1.05 | 47 | High confidence | oncology, immunology, rareDisease | View → |
| 5 | AbbVie | ×1.07 | 45 | High confidence | oncology, neurology, immunology | View → |
| 6 | Novartis | ×1.32 | 41 | High confidence | oncology, cardiovascular, neurology | View → |
| 7 | Merck | ×0.96 | 40 | High confidence | oncology, immunology | View → |
| 8 | Roche | ×1.36 | 40 | High confidence | oncology, immunology, metabolic | View → |
| 9 | Novartis | ×1.34 | 38 | High confidence | oncology, cardiovascular, rareDisease | View → |
| 10 | Roche | ×1.37 | 36 | High confidence | oncology, immunology, metabolic | View → |
| 11 | Gilead Sciences | ×1.42 | 34 | High confidence | oncology, immunology, gastroenterology | View → |
| 12 | Merck | ×1.30 | 32 | High confidence | oncology, infectiousDisease | View → |
| 13 | Biogen | ×1.27 | 30 | High confidence | oncology, neurology, rareDisease | View → |
| 14 | Bristol-Myers Squibb | ×1.28 | 30 | High confidence | oncology | View → |
| 15 | Gilead Sciences | ×1.50 | 29 | High confidence | oncology, immunology, gastroenterology | View → |
| 16 | AstraZeneca | ×1.09 | 29 | High confidence | oncology, cardiovascular, rareDisease | View → |
| 17 | Johnson & Johnson | ×1.05 | 28 | High confidence | oncology, immunology, dermatology | View → |
| 18 | Sanofi | ×1.26 | 28 | High confidence | oncology, immunology, rareDisease | View → |
| 19 | Eli Lilly | ×1.09 | 26 | High confidence | oncology | View → |
| 20 | Regeneron | ×0.85 | 25 | High confidence | oncology | View → |
| 21 | Amgen | ×1.04 | 23 | High confidence | oncology | View → |
| 22 | Biogen | ×1.00 | 23 | High confidence | neurology, oncology, immunology | View → |
| 23 | Johnson & Johnson | ×0.88 | 23 | High confidence | oncology, immunology, dermatology | View → |
| 24 | Pfizer | ×1.04 | 23 | High confidence | oncology | View → |
| 25 | Bristol Myers Squibb | ×1.50 | 21 | High confidence | oncology, immunology | View → |
| 26 | Eli Lilly | ×1.50 | 21 | High confidence | neurology, other, oncology | View → |
| 27 | Bayer | ×1.34 | 20 | High confidence | oncology, womensHealth | View → |
| 28 | Novo Nordisk | ×0.70 | 20 | High confidence | metabolic, cardiovascular | View → |
| 29 | Takeda | ×0.90 | 19 | High confidence | oncology | View → |
| 30 | GSK | ×1.22 | 18 | High confidence | oncology, infectiousDisease | View → |
| 31 | Pfizer | ×1.50 | 18 | High confidence | oncology, infectiousDisease, gastroenterology | View → |
| 32 | Novo Nordisk | ×0.70 | 18 | High confidence | metabolic, cardiovascular | View → |
| 33 | Moderna | ×0.79 | 17 | High confidence | oncology | View → |
| 34 | Pfizer Oncology | ×1.50 | 16 | High confidence | infectiousDisease, oncology | View → |
| 35 | GSK | ×1.03 | 15 | High confidence | oncology | View → |
| 36 | Vertex | ×1.19 | 15 | High confidence | oncology | View → |
| 37 | Novartis | ×1.50 | 15 | High confidence | oncology, neurology | View → |
| 38 | Merck & Co. | ×1.50 | 14 | High confidence | oncology | View → |
| 39 | GlaxoSmithKline | ×1.50 | 14 | High confidence | infectiousDisease, oncology | View → |
| 40 | Bayer | ×1.03 | 13 | High confidence | oncology, cardiovascular | View → |
| 41 | Takeda | ×0.92 | 13 | High confidence | oncology | View → |
| 42 | Regeneron | ×1.30 | 13 | High confidence | oncology | View → |
| 43 | Boehringer Ingelheim | ×1.15 | 13 | High confidence | oncology | View → |
| 44 | Gilead | ×1.50 | 12 | High confidence | oncology, infectiousDisease | View → |
| 45 | Pfizer | ×1.43 | 12 | High confidence | oncology | View → |
| 46 | Boehringer Ingelheim | ×1.01 | 12 | High confidence | oncology, metabolic | View → |
| 47 | Boehringer Ingelheim | ×1.12 | 12 | High confidence | oncology | View → |
| 48 | Sanofi | ×1.50 | 11 | High confidence | oncology | View → |
| 49 | Amgen | ×0.94 | 11 | High confidence | oncology | View → |
| 50 | Novo Nordisk | ×1.50 | 11 | High confidence | metabolic | View → |
| 51 | Roche | ×1.50 | 11 | High confidence | oncology, neurology | View → |
| 52 | Vertex Pharmaceuticals | ×1.32 | 10 | High confidence | rareDisease, metabolic | View → |
| 53 | Janssen Biotech | ×1.50 | 10 | High confidence | oncology | View → |
| 54 | Royalty Pharma | ×1.50 | 9 | Medium confidence | — | View → |
| 55 | Astellas | ×1.50 | 9 | Medium confidence | — | View → |
| 56 | Alnylam Pharmaceuticals | ×1.30 | 8 | Medium confidence | other | View → |
| 57 | Bristol Myers Squibb | ×1.50 | 8 | Medium confidence | oncology, neurology | View → |
| 58 | AstraZeneca | ×1.50 | 7 | Medium confidence | — | View → |
| 59 | Ipsen | ×1.28 | 7 | Medium confidence | oncology | View → |
| 60 | Seagen Inc. | ×1.37 | 7 | Medium confidence | — | View → |
| 61 | Organon | ×1.46 | 7 | Medium confidence | womensHealth | View → |
| 62 | Takeda | ×1.50 | 7 | Medium confidence | oncology | View → |
| 63 | Sun Pharma | ×0.79 | 6 | Medium confidence | dermatology | View → |
| 64 | AbbVie | ×1.50 | 6 | Medium confidence | — | View → |
| 65 | Zai Lab Ltd. | ×0.70 | 6 | Medium confidence | oncology | View → |
| 66 | Bayer | ×1.50 | 6 | Medium confidence | oncology | View → |
| 67 | Astellas Pharma | ×1.50 | 6 | Medium confidence | — | View → |
| 68 | Moderna | ×1.50 | 6 | Medium confidence | oncology | View → |
| 69 | Regeneron Pharmaceuticals Inc. | ×1.50 | 6 | Medium confidence | oncology | View → |
| 70 | Neurocrine Biosciences, Inc. | ×1.50 | 6 | Medium confidence | neurology | View → |
| 71 | BioNTech | ×1.50 | 6 | Medium confidence | oncology | View → |
| 72 | Genentech/Roche | ×1.50 | 6 | Medium confidence | oncology | View → |
| 73 | Dr. Reddy's Laboratories SA | ×0.70 | 5 | Medium confidence | oncology | View → |
| 74 | Seagen | ×1.38 | 5 | Medium confidence | oncology | View → |
| 75 | Janssen (J&J) | ×1.50 | 5 | Medium confidence | — | View → |
| 76 | Viatris | ×0.70 | 5 | Medium confidence | cardiovascular | View → |
| 77 | Ono Pharmaceutical Co. Ltd. | ×1.03 | 4 | Low confidence | — | View → |
| 78 | Jazz Pharmaceuticals plc | ×1.50 | 4 | Low confidence | neurology | View → |
| 79 | Astellas Pharma Inc. | ×0.70 | 4 | Low confidence | infectiousDisease | View → |
| 80 | Innovent Biologics, Inc. | ×0.70 | 4 | Low confidence | — | View → |
| 81 | Vertex | ×0.70 | 4 | Low confidence | oncology | View → |
| 82 | Simcere Pharmaceutical Group Limited | ×0.70 | 4 | Low confidence | — | View → |
| 83 | Incyte Corporation | ×1.50 | 4 | Low confidence | — | View → |
| 84 | Incyte | ×0.70 | 4 | Low confidence | oncology | View → |
| 85 | Shionogi & Co. | ×0.92 | 4 | Low confidence | — | View → |
| 86 | Kaken Pharmaceutical Co., Ltd | ×0.70 | 4 | Low confidence | — | View → |
| 87 | Jazz Pharmaceuticals | ×1.33 | 4 | Low confidence | — | View → |
| 88 | Sarepta Therapeutics | ×0.88 | 4 | Low confidence | rareDisease | View → |
| 89 | Sun Pharma Dermatology | ×0.99 | 4 | Low confidence | dermatology | View → |
| 90 | Kyowa Kirin | ×1.50 | 4 | Low confidence | oncology | View → |
| 91 | Takeda Pharmaceutical Company Limited | ×1.50 | 4 | Low confidence | — | View → |
| 92 | Neurocrine Biosciences | ×1.32 | 4 | Low confidence | neurology | View → |
| 93 | AbbVie | ×0.70 | 4 | Low confidence | — | View → |
| 94 | Janssen (J&J) | ×1.39 | 4 | Low confidence | — | View → |
| 95 | Moderna | ×1.50 | 3 | Low confidence | oncology | View → |
| 96 | Eton Pharmaceuticals | ×0.70 | 3 | Low confidence | — | View → |
| 97 | Rigel Pharmaceuticals, Inc. | ×0.70 | 3 | Low confidence | oncology | View → |
| 98 | Takeda Pharmaceuticals USA, Inc. | ×1.50 | 3 | Low confidence | — | View → |
| 99 | Sun Pharma | ×0.70 | 3 | Low confidence | dermatology | View → |
| 100 | Micron Biomedical | ×0.70 | 3 | Low confidence | infectiousDisease | View → |
| 101 | F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. | ×1.01 | 3 | Low confidence | — | View → |
| 102 | Chiesi Group | ×0.70 | 3 | Low confidence | — | View → |
| 103 | Alexion | ×0.89 | 3 | Low confidence | rareDisease | View → |
| 104 | GSK Vaccines | ×0.70 | 3 | Low confidence | — | View → |
| 105 | Moderna TX Inc. | ×0.90 | 3 | Low confidence | infectiousDisease | View → |
| 106 | Madrigal Pharmaceuticals, Inc. | ×1.38 | 3 | Low confidence | metabolic | View → |
| 107 | Alfasigma | ×0.70 | 3 | Low confidence | — | View → |
| 108 | Neurocrine Biosciences | ×1.50 | 3 | Low confidence | — | View → |
| 109 | Roche Ophthalmology | ×1.50 | 3 | Low confidence | — | View → |
| 110 | SmithKline Beecham Corporation and Glaxo Group Limited (GSK) | ×1.50 | 3 | Low confidence | — | View → |
| 111 | BioNTech | ×1.27 | 3 | Low confidence | oncology | View → |
| 112 | Zai Lab | ×0.70 | 3 | Low confidence | — | View → |
| 113 | Sanofi/Regeneron | ×0.97 | 3 | Low confidence | — | View → |
| 114 | Roche/Genentech | ×1.50 | 3 | Low confidence | — | View → |
| 115 | Alnylam Pharmaceuticals | ×1.50 | 3 | Low confidence | — | View → |
| 116 | Seagen | ×1.48 | 3 | Low confidence | — | View → |
| 117 | BioMarin | ×1.32 | 3 | Low confidence | rareDisease | View → |
| 118 | Organon | ×1.49 | 3 | Low confidence | — | View → |
| 119 | Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd. | ×0.70 | 3 | Low confidence | — | View → |
| 120 | Incyte | ×0.70 | 3 | Low confidence | — | View → |
| 121 | Viatris | ×0.70 | 3 | Low confidence | — | View → |
| 122 | Alexion Pharmaceuticals | ×0.84 | 3 | Low confidence | rareDisease | View → |
| 123 | AbbVie Immunology | ×1.50 | 3 | Low confidence | — | View → |
| 124 | Coherus BioSciences | ×1.50 | 3 | Low confidence | oncology | View → |
| 125 | Emergent BioSolutions Inc. | ×0.70 | 3 | Low confidence | — | View → |
| 126 | Alfasigma S.p.A. | ×1.50 | 3 | Low confidence | — | View → |
| 127 | Lantheus Holdings | ×1.50 | 3 | Low confidence | oncology | View → |
| 128 | Harmony Biosciences | ×1.01 | 3 | Low confidence | neurology | View → |
| 129 | Merck KGaA | ×1.48 | 3 | Low confidence | oncology | View → |
| 130 | Otsuka Pharmaceutical | ×0.70 | 3 | Low confidence | — | View → |
| 131 | Biogen | ×1.50 | 3 | Low confidence | — | View → |
| 132 | Searchlight Pharma | ×0.70 | 3 | Low confidence | dermatology | View → |
| 133 | ACADIA Pharmaceuticals | ×1.50 | 3 | Low confidence | — | View → |
| 134 | Roche/Genentech | ×1.50 | 3 | Low confidence | — | View → |
| 135 | Tenax Therapeutics, Inc. | ×0.70 | 3 | Low confidence | cardiovascular | View → |
| 136 | Swedish Orphan Biovitrum (Sobi) | ×1.50 | 3 | Low confidence | — | View → |
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