Phase 2 ADC deals average this upfront payment in 2026

Antibody-drug conjugates (ADCs) continue to be one of the hottest modalities in biopharma licensing. With total deal values reaching $2.6B at Phase 2, ADCs command premium economics driven by platform versatility, validated targets, and next-generation linker-payload technologies.

Based on analysis of 600+ biopharma licensing deals from 2020-2026