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Deal Structure Trade Space

Most BD conversations anchor on licensing because that’s the default. But the same asset could be 20–60% more valuable under a different structure — or significantly less. Below are four representative assets run through all five deal structures, ranked by total value to the licensor.

Computed by optimizeDealStructure() (backtest-validated engine). Upfront, milestone allocation, and royalty structures vary by deal type per the DEAL_TYPE_CAPTURE and PHASE_ALLOCATION tables. All figures in $M unless noted otherwise.

Interactive

Run Your Own Asset

Configure an asset profile below and the engine will rank all five deal structures in real time.

Asset Profile

Peak Sales Estimates ($M)

Buyer (optional)

If the buyer is in our counterparty database, we'll show their historical deal premium.

Reference Scenarios

Four representative assets pre-computed for comparison.

Phase 2 oncology mAb

NSCLC, $2B peak, small-biotech licensor

TA: oncologyPhase: phase2Modality: mabPeak: $2000M
Recommendation (strong)

Your asset would be worth 46% more as a Research Collaboration ($182M) than as Licensing ($125M). Based on phase2 oncology benchmarks and your licensor profile, this structure better matches the asset's stage and the typical buyer behavior in this space.

Recommended

Collaboration

#1

Research funding + joint milestones. Early-stage partnership.

Upfront$36M
Total deal$182M
vs current+0%

Top-ranked: Research Collaboration delivers $182M total deal value with $36M upfront (20% upfront ratio). Best fit for the licensor's risk and cash preferences.

Licensing

#2

Upfront + milestones + royalties. Standard bio-pharma template.

Upfront$67M
Total deal$125M
vs current+0%

Licensing: $125M total — comparable to your selection (within 20%).

Option

#3

Small option fee now + larger exercise fee after data. Probability-weighted.

Upfront$11M
Total deal$140M
vs current+0%

Option / License: $140M total — comparable to your selection (within 20%).

Phase 3 rare disease gene therapy

DMD, $500M peak, orphan designation

TA: rareDiseasePhase: phase3Modality: geneTherapyPeak: $500M
Recommended

Licensing

#1

Upfront + milestones + royalties. Standard bio-pharma template.

Upfront$131M
Total deal$277M
vs current+0%

Top-ranked: Licensing delivers $277M total deal value with $131M upfront (47% upfront ratio). Best fit for the licensor's risk and cash preferences.

Collaboration

#2

Research funding + joint milestones. Early-stage partnership.

Upfront$73M
Total deal$318M
vs current+0%

Research Collaboration: $318M total — comparable to your selection (within 20%).

Option

#3

Small option fee now + larger exercise fee after data. Probability-weighted.

Upfront$19M
Total deal$188M
vs current-0%

Option / License: $188M total — 32% lower than your selection.

Phase 2 immunology bispecific

Atopic dermatitis, $1.5B peak, mid-biotech licensor

TA: immunologyPhase: phase2Modality: bispecificPeak: $1500M
Recommendation (moderate)

Your asset would be worth 23% more as a Research Collaboration ($133M) than as Licensing ($108M). Based on phase2 immunology benchmarks and your licensor profile, this structure better matches the asset's stage and the typical buyer behavior in this space.

Recommended

Collaboration

#1

Research funding + joint milestones. Early-stage partnership.

Upfront$26M
Total deal$133M
vs current+0%

Top-ranked: Research Collaboration delivers $133M total deal value with $26M upfront (20% upfront ratio). Best fit for the licensor's risk and cash preferences.

Licensing

#2

Upfront + milestones + royalties. Standard bio-pharma template.

Upfront$60M
Total deal$108M
vs current+0%

Licensing: $108M total — comparable to your selection (within 20%).

Option

#3

Small option fee now + larger exercise fee after data. Probability-weighted.

Upfront$10M
Total deal$125M
vs current+0%

Option / License: $125M total — comparable to your selection (within 20%).

Phase 1 platform RNAi

Cardiovascular, $400M peak, early-stage option play

TA: cardiovascularPhase: phase1Modality: rnaiPeak: $400M
Recommended

Option

#1

Small option fee now + larger exercise fee after data. Probability-weighted.

Upfront$7M
Total deal$109M
vs current+0%

Top-ranked: Option / License delivers $109M total deal value with $7M upfront (6% upfront ratio). Best fit for the licensor's risk and cash preferences.

Collaboration

#2

Research funding + joint milestones. Early-stage partnership.

Upfront$5M
Total deal$71M
vs current+0%

Research Collaboration: $71M total — comparable to your selection (within 20%).

Licensing

#3

Upfront + milestones + royalties. Standard bio-pharma template.

Upfront$-81M
Total deal$-81M
vs current+0%

Licensing: $-81M total — comparable to your selection (within 20%).

How we compute this

For each asset, the engine runs calculateRNPV() five times — one per deal type. Peak sales, PoS, discount rate, and cash flow timing are constant across runs; only deal-type-specific upfront / milestone / royalty structure varies. The resulting implied deal values are the headline numbers shown in each card.

Rankings apply a licensor preference profile: clinical-stage biotechs with short cash runway weight cash-now higher, large pharma weights retained upside higher. The profile shifts ties but doesn’t override a meaningfully better headline value.

We surface a recommendation only when the top alternative beats the user’s current structure by ≥20%. Below that threshold, the signal is too weak to override the strategic context (tax, IP, control, relationship dynamics) that drive the choice in practice. This tool informs the conversation; it doesn’t replace it.

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Deal Structure Trade Space | Solidus | Ambrosia Ventures