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 83 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 | Bristol-Myers Squibb | ×1.28 | 30 | High confidence | oncology | View → |
| 14 | Biogen | ×1.27 | 30 | High confidence | oncology, neurology, rareDisease | View → |
| 15 | AstraZeneca | ×1.09 | 29 | High confidence | oncology, cardiovascular, rareDisease | View → |
| 16 | Gilead Sciences | ×1.50 | 29 | High confidence | oncology, immunology, gastroenterology | View → |
| 17 | Sanofi | ×1.26 | 28 | High confidence | oncology, immunology, rareDisease | View → |
| 18 | Johnson & Johnson | ×1.05 | 28 | High confidence | oncology, immunology, dermatology | View → |
| 19 | Eli Lilly | ×1.09 | 26 | High confidence | oncology | View → |
| 20 | Regeneron | ×0.85 | 25 | High confidence | oncology | View → |
| 21 | Pfizer | ×1.04 | 23 | High confidence | oncology | View → |
| 22 | Johnson & Johnson | ×0.88 | 23 | High confidence | oncology, immunology, dermatology | View → |
| 23 | Biogen | ×1.00 | 23 | High confidence | neurology, oncology, immunology | View → |
| 24 | Amgen | ×1.04 | 23 | High confidence | oncology | View → |
| 25 | Bristol Myers Squibb | ×1.50 | 21 | High confidence | oncology, immunology | View → |
| 26 | Novo Nordisk | ×0.70 | 20 | High confidence | metabolic, cardiovascular | View → |
| 27 | Bayer | ×1.34 | 20 | High confidence | oncology, womensHealth | View → |
| 28 | Takeda | ×0.90 | 19 | High confidence | oncology | View → |
| 29 | GSK | ×1.22 | 18 | High confidence | oncology, infectiousDisease | View → |
| 30 | Pfizer | ×1.50 | 18 | High confidence | oncology, infectiousDisease, gastroenterology | View → |
| 31 | Novo Nordisk | ×0.70 | 18 | High confidence | metabolic, cardiovascular | View → |
| 32 | Moderna | ×0.79 | 17 | High confidence | oncology | View → |
| 33 | Pfizer Oncology | ×1.50 | 16 | High confidence | infectiousDisease, oncology | View → |
| 34 | Vertex | ×1.19 | 15 | High confidence | oncology | View → |
| 35 | GSK | ×1.03 | 15 | High confidence | oncology | View → |
| 36 | Regeneron | ×1.30 | 13 | High confidence | oncology | View → |
| 37 | Boehringer Ingelheim | ×1.15 | 13 | High confidence | oncology | View → |
| 38 | Takeda | ×0.92 | 13 | High confidence | oncology | View → |
| 39 | Bayer | ×1.03 | 13 | High confidence | oncology, cardiovascular | View → |
| 40 | Pfizer | ×1.43 | 12 | High confidence | oncology | View → |
| 41 | Boehringer Ingelheim | ×1.12 | 12 | High confidence | oncology | View → |
| 42 | Amgen | ×0.94 | 11 | High confidence | oncology | View → |
| 43 | Astellas | ×1.50 | 9 | Medium confidence | — | View → |
| 44 | Alnylam Pharmaceuticals | ×1.30 | 8 | Medium confidence | other | View → |
| 45 | Organon | ×1.46 | 7 | Medium confidence | womensHealth | View → |
| 46 | Moderna | ×1.50 | 6 | Medium confidence | oncology | View → |
| 47 | Astellas Pharma | ×1.50 | 6 | Medium confidence | — | View → |
| 48 | Sun Pharma | ×0.79 | 6 | Medium confidence | dermatology | View → |
| 49 | Janssen (J&J) | ×1.50 | 5 | Medium confidence | — | View → |
| 50 | Seagen | ×1.38 | 5 | Medium confidence | oncology | View → |
| 51 | Viatris | ×0.70 | 5 | Medium confidence | cardiovascular | View → |
| 52 | AbbVie | ×0.70 | 4 | Low confidence | — | View → |
| 53 | Incyte | ×0.70 | 4 | Low confidence | oncology | View → |
| 54 | Janssen (J&J) | ×1.39 | 4 | Low confidence | — | View → |
| 55 | Neurocrine Biosciences | ×1.32 | 4 | Low confidence | neurology | View → |
| 56 | Sarepta Therapeutics | ×0.88 | 4 | Low confidence | rareDisease | View → |
| 57 | Vertex | ×0.70 | 4 | Low confidence | oncology | View → |
| 58 | Jazz Pharmaceuticals | ×1.33 | 4 | Low confidence | — | View → |
| 59 | Sun Pharma Dermatology | ×0.99 | 4 | Low confidence | dermatology | View → |
| 60 | Viatris | ×0.70 | 3 | Low confidence | — | View → |
| 61 | Chiesi Group | ×0.70 | 3 | Low confidence | — | View → |
| 62 | Alexion | ×0.89 | 3 | Low confidence | rareDisease | View → |
| 63 | Alexion Pharmaceuticals | ×0.84 | 3 | Low confidence | rareDisease | View → |
| 64 | Moderna TX Inc. | ×0.90 | 3 | Low confidence | infectiousDisease | View → |
| 65 | AbbVie Immunology | ×1.50 | 3 | Low confidence | — | View → |
| 66 | Alfasigma | ×0.70 | 3 | Low confidence | — | View → |
| 67 | Neurocrine Biosciences | ×1.50 | 3 | Low confidence | — | View → |
| 68 | Roche Ophthalmology | ×1.50 | 3 | Low confidence | — | View → |
| 69 | SmithKline Beecham Corporation and Glaxo Group Limited (GSK) | ×1.50 | 3 | Low confidence | — | View → |
| 70 | BioNTech | ×1.27 | 3 | Low confidence | oncology | View → |
| 71 | Zai Lab | ×0.70 | 3 | Low confidence | — | View → |
| 72 | Sanofi/Regeneron | ×0.97 | 3 | Low confidence | — | View → |
| 73 | Roche/Genentech | ×1.50 | 3 | Low confidence | — | View → |
| 74 | Micron Biomedical | ×0.70 | 3 | Low confidence | infectiousDisease | View → |
| 75 | F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. | ×1.01 | 3 | Low confidence | — | View → |
| 76 | Sun Pharma | ×0.70 | 3 | Low confidence | dermatology | View → |
| 77 | GSK Vaccines | ×0.70 | 3 | Low confidence | — | View → |
| 78 | Madrigal Pharmaceuticals, Inc. | ×1.38 | 3 | Low confidence | metabolic | View → |
| 79 | Alnylam Pharmaceuticals | ×1.50 | 3 | Low confidence | — | View → |
| 80 | Seagen | ×1.48 | 3 | Low confidence | — | View → |
| 81 | BioMarin | ×1.32 | 3 | Low confidence | rareDisease | View → |
| 82 | Organon | ×1.49 | 3 | Low confidence | — | View → |
| 83 | Incyte | ×0.70 | 3 | Low confidence | — | View → |
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