Biogen
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| oncology | ×1.15 | 17 |
| neurology | ×1.50 | 6 |
| rareDisease | ×1.15 | 4 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| approved | ×1.50 | 8 |
| phase 1 | ×1.16 | 7 |
| phase 3 | ×1.15 | 7 |
| preclinical | ×1.32 | 4 |
| phase 2 | ×0.70 | 3 |
Strategy profile
Based on 15 disclosed transactions, Biogen concentrates its licensing activity in Immunology, Neurology, and Oncology. Biogen pays a 1.27x premium over market median, with the strongest premiums in Neurology (1.50x). Their most common deal structure is Acquisition, with an average disclosed value of $1.8B. Most recent activity: 2026.
Premium by therapeutic area
How Biogen pays relative to peer medians in each TA
Pipeline coverage & gaps
Biogen has disclosed activity in 3 of 12 tracked therapeutic areas. Gaps may represent whitespace opportunities for licensors.
Deal type breakdown
How this buyer structures its transactions
| Deal type | Count | Avg upfront | Avg total value |
|---|---|---|---|
| AcquisitionPrimary | 7 | $2.3B | $2.9B |
| License | 5 | $80M | $817M |
| Collaboration | 3 | $165M | $572M |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | Empaveli (pegcetacoplan) / SYFOVRE (pegcetacoplan intravitreal) | Apellis Pharmaceuticals | rare kidney/blood diseases and macular degeneration | approved | $5.6B | $6.1B |
| 2026 | not disclosed | RayThera | inflammatory diseases | preclinical | — | $1.0B |
| 2026 | felzartamab | TJ Biopharma | IgA nephropathy, primary membranous nephropathy, antibody-mediated rejection in kidney transplant recipients, multiple myeloma | phase_3 | $100M | $850M |
| 2026 | Felzartamab | TJ Bio | multiple myeloma | phase_3 | $100M | $850M |
| 2026 | EMPAVELI and SYFOVRE | Apellis | immunology, rare disease, ophthalmology, and nephrology | unknown | — | $5.6B |
| 2026 | Syfovre + Empaveli (full company acquisition) | Apellis Pharmaceuticals | complement_c3g | approved | $5.6B | $6.0B |
| 2026 | ALT-B4 | Alteogen Inc. | — | unknown | $20M | $579M |
| 2025 | oral C5aR1 antagonist | Vanqua Bio | inflammatory disorders | preclinical | $70M | $1.1B |
| 2025 | ThecaFlex DRx | Alcyone Therapeutics | neurological disorders | unknown | $85M | $85M |
| 2025 | litifilimab | Royalty Pharma | systemic lupus erythematosus and cutaneous lupus erythematosus | phase_3 | — | $250M |
| 2025 | RNAi-based CNS therapies | City Therapeutics | CNS diseases | discovery | $46M | $1.0B |
| 2025 | Zorevunersen (Dravet syndrome) | Stoke Therapeutics | Dravet syndrome | phase_2 | $165M | $550M |
| 2025 | Zorevunersen | Stoke Therapeutics | Dravet syndrome | phase_2 | $165M | $680M |
| 2025 | CD20 | Zai Lab | Pancreatic | phase_1 | — | $786M |
| 2024 | TGF-β-001 | Umoja Biopharma | Gastric | preclinical | $95M | $856M |
How this is computed
For each Biogen deal we find the median total deal value of comparable transactions (same therapeutic area + phase, falling back to TA-only with ≥3 peers). The buyer’s deal divided by the peer median is the per-deal premium. We trim outliers, take the trimmed mean, and clamp to [0.7×, 1.5×] to reject data errors. Confidence scales with sample size.
Trimmed mean of 30 disclosed deal premiums vs. peer medians. Raw premium 1.274, clamped to [0.7, 1.5].