Biogen
Pays vs peer median
×1.27
+27% premium
Sample
30
high confidence
Last refreshed
2026-04-13
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| oncology | ×1.15 | 17 |
| neurology | ×1.50 | 6 |
| rareDisease | ×1.15 | 4 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| approved | ×1.50 | 8 |
| phase 1 | ×1.16 | 7 |
| phase 3 | ×1.15 | 7 |
| preclinical | ×1.32 | 4 |
| phase 2 | ×0.70 | 3 |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | Syfovre + Empaveli (full company acquisition) | Apellis Pharmaceuticals | complement_c3g | approved | $5.6B | $6.0B |
| 2026 | EMPAVELI and SYFOVRE | Apellis | immunology, rare disease, ophthalmology, and nephrology | unknown | — | $5.6B |
| 2026 | ALT-B4 | Alteogen | — | unknown | $20M | $579M |
| 2026 | ALT-B4 | Alteogen Inc. | — | unknown | $20M | $579M |
| 2025 | PD-1-mab | Junshi Biosciences | Melanoma | phase_3 | $580M | $2.6B |
| 2025 | VEGFR | Tango Therapeutics | Bladder | preclinical | — | $1.2B |
| 2025 | ThecaFlex DRx | Alcyone Therapeutics | neurological disorders | unknown | $85M | $85M |
| 2025 | litifilimab | Royalty Pharma | systemic lupus erythematosus and cutaneous lupus erythematosus | phase_3 | — | $250M |
| 2025 | FGFR | Arvinas | Cholangiocarcinoma | phase_3 | $251M | $2.1B |
| 2025 | RNAi-based CNS therapies | City Therapeutics | CNS diseases | discovery | $46M | $1.0B |
| 2025 | HER3-301 | Syndax Pharmaceuticals | Gastric | phase_2 | $283M | $3.0B |
| 2025 | Anti-ICOS-301 | Umoja Biopharma | AML | preclinical | $15M | $194M |
| 2025 | mTOR-mab | Kymera Therapeutics | CLL | phase_2 | $281M | $1.5B |
| 2025 | PI3K-tinib | Janux Therapeutics | Cholangiocarcinoma | preclinical | $70M | $1.0B |
| 2025 | BCMA-mab | Innovent Biologics | Cholangiocarcinoma | phase_2 | $521M | $5.7B |
How this is computed
For each Biogen deal we find the median total deal value of comparable transactions (same therapeutic area + phase, falling back to TA-only with ≥3 peers). The buyer’s deal divided by the peer median is the per-deal premium. We trim outliers, take the trimmed mean, and clamp to [0.7×, 1.5×] to reject data errors. Confidence scales with sample size.
Trimmed mean of 30 disclosed deal premiums vs. peer medians. Raw premium 1.274, clamped to [0.7, 1.5].