Royalty Pharma
By therapeutic area
Not enough TA-specific data (need ≥3 deals per TA).
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| phase 3 | ×1.50 | 7 |
Strategy profile
Based on 15 disclosed transactions, Royalty Pharma concentrates its licensing activity in Immunology, Cardiovascular, and Oncology. Royalty Pharma pays a 1.50x premium over market median. Their most common deal structure is Collaboration, with an average disclosed value of $545M. Most recent activity: 2026.
Pipeline coverage & gaps
Royalty Pharma has disclosed activity in 0 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 |
|---|---|---|---|
| CollaborationPrimary | 5 | $125M | $300M |
| Other | 4 | $300M | $788M |
| License | 3 | $375M | $700M |
| Co Development | 2 | — | $500M |
| Acquisition | 1 | $125M | $425M |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | pelacarsen / Spinraza | Ionis Pharmaceuticals | atherosclerotic cardiovascular disease with elevated lipoprotein(a) | phase_3 | $500M | $500M |
| 2026 | rusfertide (PTG-300) | Zealand Pharma | polycythemia vera | phase_3 | $50M | $100M |
| 2026 | cliramitug (NI006) | Neurimmune | ATTR amyloidosis | phase_3 | $125M | $425M |
| 2026 | JNJ-4804 | Johnson & Johnson | chronic immune-mediated diseases | unknown | — | $500M |
| 2026 | TEV-53408 | Teva Pharmaceuticals | vitiligo | phase_2 | $75M | $500M |
| 2026 | TEV-'408 | Teva Pharmaceutical Industries | vitiligo | phase_2 | — | $500M |
| 2025 | Obexelimab | Zenas Biopharma | SLE / IgG4-related disease | phase_3 | $75M | $300M |
| 2025 | daraxonrasib synthetic royalty + secured loan | Revolution Medicines | pancreatic and lung cancers | phase_3 | $250M | $2.0B |
| 2025 | litifilimab | Biogen | systemic lupus erythematosus | phase_3 | — | $250M |
| 2025 | Litifilimab | Biogen | SLE/CLE | phase_3 | $50M | $250M |
| 2024 | Omecamtiv mecarbil | Cytokinetics | HFrEF (heart failure with reduced ejection fraction) | phase_3 | $250M | $575M |
| 2023 | TEV-'749 (olanzapine LAI) | Teva Pharmaceutical Industries | schizophrenia | phase_3 | — | $125M |
| 2023 | Evrysdi (risdiplam) royalty interest | PTC Therapeutics | spinal muscular atrophy | approved | $1.0B | $1.5B |
| 2023 | Skytrofa (lonapegsomatropin-tcgd) | Ascendis Pharma A/S | Growth failure due to inadequate secretion of endogenous growth hormone in pediatric patients | approved | $150M | $150M |
| 2023 | Adstiladrin (nadofaragene firadenovec-vncg) | Ferring Pharmaceuticals | high-risk BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) | approved | $300M | $500M |
How this is computed
For each Royalty Pharma 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 9 disclosed deal premiums vs. peer medians. Raw premium 1.778, clamped to [0.7, 1.5].