Immunology Phase 2 Deal Benchmarks — US Only

Understanding Immunology Deal Benchmarks at Phase 2

Phase 2 Immunology licensing deals in US Only territory command a median upfront payment of $301M, with values ranging from $159M at the low end to $481M for premium assets. These benchmarks reflect the risk-adjusted value of clinical-stage assets in the immunology 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 $982M to $2.2B, with a median of $1.6B. Royalty rates for immunology assets at this stage typically fall between 11.5% and 19.2% of net sales, reflecting the balance between licensor value contribution and licensee commercialization investment.

The US Only territory applies a 0.55x multiplier to base deal economics. This accounts for market size, regulatory complexity, pricing environment, and competitive landscape differences across geographies. Licensors negotiating us only rights should calibrate upfront expectations and milestone structures accordingly.