Gastroenterology Phase 1 Deal Benchmarks (2026)

Median upfront of $134M with total deal values reaching $1.7B.

Median Upfront

$134M

Total Deal Value

$1.1B

Royalty Range

5.4%–10.7%

Territory Multiplier

Understanding Gastroenterology Deal Benchmarks at Phase 1

Phase 1 Gastroenterology licensing deals command a median upfront payment of $134M, with values ranging from $57M at the low end to $216M for premium assets. These benchmarks reflect the risk-adjusted value of clinical-stage assets in the gastroenterology 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 $589M to $1.7B, with a median of $1.1B. Royalty rates for gastroenterology assets at this stage typically fall between 5.4% and 10.7% of net sales, reflecting the balance between licensor value contribution and licensee commercialization investment.

The Global territory applies a 1x multiplier to base deal economics. This accounts for market size, regulatory complexity, pricing environment, and competitive landscape differences across geographies. Licensors negotiating global rights should calibrate upfront expectations and milestone structures accordingly.

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Low, median, and high ranges for upfront payments, total deal values, and royalty rates.

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Comparable Deals

Year	Licensor	Licensee	Upfront	Total Value	Deal Type
2023	Prometheus Biosciences	Merck	$10.8B	$10.8B	acquisition
2022	Arena Pharmaceuticals	Pfizer	$6.7B	$6.7B	acquisition
2023	Telavant Holdings	Roche	$7.1B	$7.1B	acquisition
2024	AbbVie	N/A (standalone)	$0M	$8.2B	licensing
2024	J&J	N/A (standalone)	$0M	$3.2B	licensing
2024	Morphic Therapeutic	Eli Lilly	$3.2B	$3.2B	acquisition
2024	Takeda	N/A (standalone)	$0M	$4.2B	licensing
2024	BMS	N/A (standalone)	$0M	$2.1B	licensing
2024	Ventyx Biosciences	Eli Lilly	$1.2B	$1.2B	acquisition
2024	Protagonist Therapeutics	J&J	$1.0B	$1.0B	acquisition

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Frequently Asked Questions

What is the average upfront payment for Phase 1 Gastroenterology deals?

The median upfront payment for Phase 1 Gastroenterology licensing deals is $134M, based on our analysis of comparable transactions. Values range from $57M for early-stage or less differentiated assets up to $216M for premium programs with strong clinical data or first-in-class mechanisms.

How does Global territory affect Gastroenterology deal value?

Global rights carry a 1x multiplier relative to base deal economics. This means global gastroenterology deals are valued at a discount compared to single-country rights, reflecting the combined market opportunity, regulatory pathway, and competitive dynamics of the territory.

What royalty rates are typical for Phase 1 Gastroenterology licensing?

Royalty rates for Phase 1 gastroenterology assets typically range from 5.4% to 10.7% of net sales. The exact rate depends on the licensor's contribution (IP, clinical data, manufacturing), deal structure (exclusive vs. co-exclusive), and the licensee's commercialization investment. Higher royalties often correspond to lower upfront payments, and vice versa.

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All Gastroenterology Deals

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Cite This Data

APA

Ambrosia Ventures. (2026). Gastroenterology Phase 1 Deal Benchmarks (2026). Retrieved from https://calculator.ambrosiaventures.co/data/gastroenterology-phase-1-deals-global

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<a href="https://calculator.ambrosiaventures.co/data/gastroenterology-phase-1-deals-global">Gastroenterology Phase 1 Deal Benchmarks (2026)</a> — Ambrosia Ventures (2026)

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Data sourced from 1,900+ verified biopharma transactions. Updated monthly.

Metric	Low	Median	High
Upfront Payment	$57M	$134M	$216M
Total Deal Value	$589M	$1.1B	$1.7B
Royalty Rate	5.4%	—	10.7%