Infectious Disease Phase 2 Deal Benchmarks — US Only (2026)

Total deal values — including milestones for development, regulatory, and commercial achievements — range from $752M to $1.5B, with a median of $1.1B. Royalty rates for infectious disease assets at this stage typically fall between 6.5% and 13% 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.