$411M

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

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58%

Radiopharmaceuticals command this premium over small molecules

$3.1B

Median total deal value for Phase 3 oncology assets in 2026

$1.6B

CAR-T cell therapy deals reach this total value at Phase 2

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