What is a development-stage program really worth?
Better intelligence helps answer one of biopharma’s most challenging questions.
Smarter Market Comparables
Phase 2 oncology deals with proof of concept paid 4× the upfront of those without.
Value an Asset →$37.5MWith proof of concept
$10.5MWithout
The Deal Market, Mapped
Where the money goes, by therapeutic area, modality and stage.
Hematology$30MCardiovascular$25MOncology$21MNeurology$20MMetabolic$20MImmunology$18M
ADC$40MBispecific$30MOligonucleotide$30MAntibody$20MProtein$20MGene therapy$17.5M
Median headline valueUpfront paid at signing
$809M
$25MDiscovery$547M
$11MPreclinical$535M
$21MPhase 1$330M
$20MPhase 2$198M
$25MPhase 3$133M
$20MFiled or approvedWhat the Data Shows
Well-Validated Targets Carry 1.3× the Upfront
Unproven $10M · Well validated $12.5M
Assets From China Have Higher Median Upfronts
From China $25M · Elsewhere $15M
Large Pharma Pays 25% Less for First-in-Class Drugs
First in class $75M · Follow-on $100M
All figures: median upfront, partnering deals since 2018, compared like for like.
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