Bispecific Antibody Deal Benchmarks

Bispecific antibodies represent one of the most actively transacted modalities in oncology licensing. Phase 2 bispecific deals achieve a median total deal value of $2.2B, with upfront payments between $194M and $542M. The modality's versatility across T-cell engagement, dual checkpoint blockade, and receptor crosslinking drives strong licensee interest.

Milestone allocations in bispecific transactions reflect a balanced risk profile. Development milestones average $466M, while regulatory and commercial milestones contribute $745M and $652M, respectively. The overall deal recommendation splits at approximately 16% upfront and 84% milestones.

Royalty rates for bispecific licensing deals range from 12.9% to 21.1% at the base tier, with escalation to 25.1% on high-volume sales. Bispecifics with novel mechanisms (e.g., tumor-conditional activation or half-life extension) tend to attract premium terms relative to conventional T-cell engagers.