Oncology Phase 3 Deal Benchmarks (2026)

Total deal values — including milestones for development, regulatory, and commercial achievements — range from $2.4B to $3.9B, with a median of $3.1B. Royalty rates for oncology assets at this stage typically fall between 16.1% and 24.6% 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.