Cardiovascular Phase 2 Deal Benchmarks — Ex-US

Understanding Cardiovascular Deal Benchmarks at Phase 2

Phase 2 Cardiovascular licensing deals in Ex-US territory command a median upfront payment of $227M, with values ranging from $125M at the low end to $359M for premium assets. These benchmarks reflect the risk-adjusted value of clinical-stage assets in the cardiovascular therapeutic area, where development costs, competitive dynamics, and market potential all factor into deal pricing.

Total deal values — including milestones for development, regulatory, and commercial achievements — range from $730M to $1.5B, with a median of $1.1B. Royalty rates for cardiovascular assets at this stage typically fall between 6.9% and 13.9% of net sales, reflecting the balance between licensor value contribution and licensee commercialization investment.

The Ex-US territory applies a 0.45x multiplier to base deal economics. This accounts for market size, regulatory complexity, pricing environment, and competitive landscape differences across geographies. Licensors negotiating ex-us rights should calibrate upfront expectations and milestone structures accordingly.