$3.1B

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

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$411M

Phase 2 ADC deals average this upfront payment in 2026

58%

Radiopharmaceuticals command this premium over small molecules

$1.6B

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

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