Immunology Phase 2 Deal Benchmarks — Ex-US (2026)

Total deal values — including milestones for development, regulatory, and commercial achievements — range from $804M to $1.8B, with a median of $1.3B. Royalty rates for immunology assets at this stage typically fall between 10.9% and 18.1% 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.