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Phase 2 oncology deals cluster around $80M median upfront ($1.2B total value). First-in-class ADCs in solid tumors have closed at $400M+ upfront in 2025–2026. Built on 1,900+ verified biopharma transactions across 12 therapeutic areas.
Oncology deal benchmarks at a glance
Median deal terms for oncology licensing transactions, by development phase. Data current as of 2026.
| Phase | Median Upfront | Median Total Value | Median Royalty (Tiered) |
|---|---|---|---|
| Preclinical | $22M | $400M | 5–10% |
| Phase 1 | $60M | $700M | 8–14% |
| Phase 2 | $120M | $1.3B | 11–18% |
| Phase 3 | $350M | $2.5B | 15–23% |
Source: Ambrosia Benchmarker dataset, 1,900+ verified transactions (2017–2026). Primary sources: SEC EDGAR 8-K filings, FTC premerger notifications, ClinicalTrials.gov.
Recent comparable deals
- Daiichi Sankyo–AstraZeneca (Datopotamab DXd)
- Merck–Daiichi Sankyo (Patritumab DXd, $4B upfront)
- BMS–RayzeBio ($4.1B acquisition)
Why Oncology is priced this way
Oncology drives 35% of all biopharma licensing volume. ADCs, bispecifics, and CAR-T programs command the largest upfronts; small molecules and me-too compounds see compressed terms.
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Oncology licensing — frequently asked
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