Cardiovascular Phase 3 Deal Benchmarks — Ex-US (2026)

Total deal values — including milestones for development, regulatory, and commercial achievements — range from $1.5B to $2.5B, with a median of $2.0B. Royalty rates for cardiovascular assets at this stage typically fall between 10.4% and 19.1% 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.