IL-23 GI Deal Benchmarks

Median Upfront

$568M

Range: $301M - $829M

Total Deal Value

$3.0B

Range: $1.9B - $4.0B

Royalty Rate

7.9% - 14.6%

Tiered up to 18.6%

Dev Milestones

$501M

Range: $327M - $676M

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Market Analysis

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.

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Frequently Asked Questions

What are typical deal terms for IL-23 GI licensing?

Phase 2 IL-23 GI deals average $568M upfront with $3.0B total deal value. The validated pathway (risankizumab, guselkumab approvals) and established $10B+ market provide a strong deal economics foundation.

How do IL-23 GI deals compare to IL-23 dermatology deals?

IL-23 GI deals command comparable or slightly higher total deal values than dermatology-focused IL-23 programs due to the larger IBD patient population (3M+ in the US) and growing first-line treatment positioning. However, dermatology IL-23 deals benefit from faster clinical development timelines.

What drives premium IL-23 GI deal valuations?

Key premium factors include superior endoscopic remission rates in biologic-experienced patients, rapid onset of clinical response, subcutaneous formulation (vs. IV-only competitors), and favorable positioning versus both anti-TNF and anti-integrin agents. Head-to-head superiority data versus vedolizumab or ustekinumab is a major valuation accelerator.

How are IL-23 combination strategies valued?

IL-23 + TL1A and IL-23 + JAK inhibitor combinations are the most anticipated strategies for refractory IBD. Clinical data supporting combination use can increase total deal values by 20-30%. Bispecific antibodies targeting both IL-23 and another pathway (TL1A, TNF) represent the next frontier in combination approach deal-making.

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IL-23 GI Deal Benchmarks

Market Analysis

Full Benchmark Analysis

Customize these benchmarks for your asset

Frequently Asked Questions

Full Benchmark Analysis

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