Immunology & Autoimmune Deal Benchmarks
Over $13B in verified immunology deal value spanning rheumatoid arthritis, lupus, IBD, psoriasis, and other autoimmune conditions. Benchmark licensing terms, M&A premiums, and royalty structures. Benchmarks derived from 160 verified transactions.
160
Total Deals
$911M
Avg Upfront
6
Deal Types
100%
Terms Disclosed
Deal Structure Distribution
65
license
49
acquisition
30
collaboration
9
option
3
co development
Recent Deals with Disclosed Terms
| Parties | Type | Upfront | Total Value | Date |
|---|---|---|---|---|
Sail Biomedicines, Inc. → Johnson & Johnson | option | $785M | $3.5B | Jul 2026 |
Biogen → TJ Biopharma felzartamab | license | $100M | $850M | Jun 2026 |
Avenzo Therapeutics → Travere Therapeutics BTK inhibitor | license | $100M | $1.1B | Jun 2026 |
Everest Medicines → Travere Therapeutics civorebrutinib (EVER001) | license | $113M | $1.1B | Jun 2026 |
Candid Therapeutics → UCB | acquisition | $2.0B | $2.2B | May 2026 |
TJ Biopharma → Biogen felzartamab | license | $100M | — | Apr 2026 |
TJ Biopharma → Biogen felzartamab | acquisition | $100M | $850M | Apr 2026 |
Apellis Pharmaceuticals → Biogen Syfovre + Empaveli (full company acquisition) | acquisition | $5.6B | $6.0B | Mar 2026 |
Galapagos → Novartis MOR106 | license | $111M | $1.1B | Mar 2026 |
Theravance → Johnson & Johnson TD-1473 | collaboration | $100M | $1.0B | Mar 2026 |
Benchmark Your Immunology & Autoimmune Deal
Get instant benchmarks for upfront payments, milestones, and royalties based on 160 verified immunology & autoimmune transactions.
Immunology & Autoimmune Deal Benchmarking FAQ
What drives immunology deal valuations in 2026?
Immunology deals are increasingly driven by next-generation biologics (IL-17, IL-23, TL1A) and oral small molecules (JAK inhibitors, TYK2). Assets demonstrating superiority over anti-TNF standards of care command premium valuations. The shift toward precision immunology — matching patients to mechanisms — is also driving higher deal values for targeted approaches.
How do IBD deal terms differ from other autoimmune indications?
IBD deals (Crohn's disease and ulcerative colitis) typically feature larger total deal values than other autoimmune indications, reflecting the large patient population and high unmet need. Upfronts for clinical-stage IBD assets range $50M-$200M, with royalties of 12-20% on net sales.
What immunology modalities are attracting the most licensing activity?
Bispecific antibodies targeting dual immune pathways, oral peptides, and cell therapies (including CAR-T for lupus) are generating the most immunology deal activity in 2026. TL1A-targeting antibodies specifically saw a surge in deal-making following positive Phase 2 data across multiple IBD programs.