IL-23 GI Deal Benchmarks

IL-23 inhibitors have become the fastest-growing biologic class in gastroenterology, with risankizumab and guselkumab generating combined revenue approaching $10B. Phase 2 IL-23 GI deals carry a median total deal value of $3.0B, with upfront payments of $568M. The class benefits from superior efficacy over TNF inhibitors, favorable safety profiles, and convenient dosing intervals (subcutaneous, every 4-8 weeks).

Deal structures for IL-23 GI programs allocate $501M to development milestones, $596M to regulatory milestones, and $1.3B to commercial milestones. The 19/81 upfront/milestone split reflects the de-risked clinical pathway with established endpoints and a clear regulatory precedent from approved IL-23 inhibitors.

Royalty rates for IL-23 GI licensing range from 7.9% to 14.6% at the base tier, escalating to 18.6%. Differentiation factors include p19-selective versus dual p19/p40 targeting, subcutaneous versus IV induction, mucosal healing rates in biologic-refractory patients, and combination potential with TL1A or integrin pathway agents. Assets with first-line positioning data command the highest premiums.