Median total deal value for Phase 3 oncology assets in 2026

Phase 3 oncology assets represent the highest-value licensing opportunities in biopharma. With de-risked clinical data and clear regulatory paths, these deals attract premium economics. Upfront payments reach $721M, with royalty rates of 16.1%-24.6%.

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