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Biopharma Deal
Benchmarks 2026

Upfront ranges, milestone structures, royalty benchmarks, and deal-flow trends across all 12 therapeutic areas — sourced from 2,700+ verified transactions in the Ambrosia Benchmarker corpus.

2,700+ deals analyzed
12 therapeutic areas
Verified & calibrated

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What's Inside

The comp set your committee needs.

Every section is anchored to verified closed transactions — not estimates, not models, not survey data.

Upfront Benchmarks by Phase

Median upfront ranges for preclinical through approved, broken out by modality and therapeutic area. See exactly where the market prices each stage.

9 phases × 12 TAs

Deal Flow Trends

Quarter-over-quarter transaction volume, average deal sizes, and the TAs seeing the most activity. Spot where capital is concentrating.

500+ deals tracked

Top Acquirers & Partners

Which pharma companies are doing the most deals, what they're paying, and which modalities they're targeting. Counterparty intelligence for your pitch.

1,308 companies profiled

Sample findings from the report

A preview of the intelligence inside.

$584M
Median Phase 2 ADC upfront
Oncology, global licensing
168
Oncology deals in 2025–2026
Highest volume TA
+1,408%
Radiopharm upfront surge
Fastest-growing asset class
38/wk
New deals tracked weekly
Continuously updated corpus
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Ambrosia Ventures

Report data sourced from the Ambrosia Benchmarker deal intelligence platform — 2,700+ verified biopharma transactions, 1,308 company profiles, 14 valuation engines. Updated weekly from SEC EDGAR, ClinicalTrials.gov, press disclosures, and proprietary calibration corpus.