Moderna
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| oncology | ×0.74 | 16 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| phase 3 | ×0.73 | 5 |
| approved | ×1.50 | 4 |
| phase 1 | ×0.70 | 3 |
| discovery | ×0.70 | 3 |
Strategy profile
Based on 10 disclosed transactions, Moderna concentrates its licensing activity in Oncology, InfectiousDisease, and Neurology. Moderna pays a 0.79x discount to market median, with the strongest premiums in Oncology (0.74x). Their most common deal structure is Option, with an average disclosed value of $915M. Most recent activity: 2026.
Premium by therapeutic area
How Moderna pays relative to peer medians in each TA
Pipeline coverage & gaps
Moderna 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 |
|---|---|---|---|
| OptionPrimary | 4 | $81M | $664M |
| Co Development | 2 | $40M | $526M |
| Collaboration | 2 | $93M | $835M |
| License | 1 | $950M | $2.3B |
| Acquisition | 1 | $203M | $1.5B |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | LNP patent license (settlement) | Genevant/Arbutus | COVID-19 and mRNA vaccine platform | approved | $950M | $2.3B |
| 2025 | PD-1-001 | Innovent Biologics | Head & Neck | discovery | $8M | $101M |
| 2025 | LAG-3-301 | Agenus | AML | discovery | $26M | $246M |
| 2024 | TIGIT | Janux Therapeutics | Mesothelioma | phase_1 | $144M | $1.1B |
| 2023 | CD47 | Monte Rosa Therapeutics | RCC | phase_2 | $176M | $911M |
| 2023 | PD-1-001 | Turning Point Therapeutics | Breast (TNBC) | preclinical | $54M | $807M |
| 2022 | ALK | iTeos Therapeutics | Follicular Lymphoma | discovery | $43M | $539M |
| 2021 | Anti-Alpha-synuclein-stat | Anavex Life Sciences | Neuropathic Pain | phase_2 | $203M | $1.5B |
| 2021 | PD-1-301 | Springworks Therapeutics | Follicular Lymphoma | phase_1 | $41M | $502M |
| 2021 | MET | Denali Therapeutics | Head & Neck | phase_1 | $100M | $1.1B |
How this is computed
For each Moderna 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 17 disclosed deal premiums vs. peer medians. Raw premium 0.792, clamped to [0.7, 1.5].