Merck KGaA
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| oncology | ×1.48 | 3 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| discovery | ×1.48 | 3 |
Strategy profile
Based on 12 disclosed transactions, Merck KGaA concentrates its licensing activity in Other, Oncology, and RareDisease. Merck KGaA pays a 1.48x premium over market median, with the strongest premiums in Oncology (1.48x). Their most common deal structure is Acquisition, with an average disclosed value of $5.9B. Most recent activity: 2026.
Premium by therapeutic area
How Merck KGaA pays relative to peer medians in each TA
Pipeline coverage & gaps
Merck KGaA has disclosed activity in 1 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 | $9.4B | $9.4B |
| Collaboration | 4 | $22M | $1.3B |
| License | 1 | $10M | $126M |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | Bio-Techne platform | Bio-Techne | cell therapy production / enabling technologies | unknown | — | $11.0B |
| 2026 | Bio-Techne | Bio-Techne Corporation | — | unknown | $11.3B | $11.3B |
| 2026 | Bio-Techne's protein, assay, and research-tool platforms | Bio-Techne | — | discovery | — | $11.3B |
| 2026 | Bio-Techne (cell & gene therapy tools platform) | Bio-Techne Corp | — | unknown | $11.3B | $11.3B |
| 2026 | Terns Pharmaceuticals pipeline | Terns Pharmaceuticals | chronic myeloid leukemia | unknown | — | $5.7B |
| 2025 | Bio-Techne | Bio-Techne | — | unknown | $11.3B | $11.3B |
| 2025 | Valo Health platform collaboration | Valo Health | — | discovery | — | $3.0B |
| 2025 | Ogsiveo (nirogacestat) | SpringWorks Therapeutics | desmoid tumors | approved | $3.9B | $3.9B |
| 2024 | targeted protein degraders | C4 Therapeutics, Inc. | solid_tumor | discovery | $16M | $756M |
| 2023 | — | Exscientia | solid_tumor | discovery | $20M | $694M |
| 2023 | M9241 | Merck KGaA, Darmstadt, Germany | — | unknown | $10M | $126M |
| 2022 | Immunosynthen ADC platform | Mersana Therapeutics | solid_tumor | discovery | $30M | $830M |
How this is computed
For each Merck KGaA 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 3 disclosed deal premiums vs. peer medians. Raw premium 1.476, clamped to [0.7, 1.5].