Immunology Phase 2 Deal Benchmarks — China (2026)

Total deal values — including milestones for development, regulatory, and commercial achievements — range from $214M to $476M, with a median of $345M. Royalty rates for immunology assets at this stage typically fall between 7.3% and 12.2% of net sales, reflecting the balance between licensor value contribution and licensee commercialization investment.

The China territory applies a 0.12x multiplier to base deal economics. This accounts for market size, regulatory complexity, pricing environment, and competitive landscape differences across geographies. Licensors negotiating china rights should calibrate upfront expectations and milestone structures accordingly.