Merck
Pays vs peer median
×0.96
-4% premium
Sample
40
high confidence
Last refreshed
2026-04-13
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| oncology | ×0.99 | 28 |
| immunology | ×0.70 | 3 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| phase 1 | ×0.93 | 9 |
| approved | ×1.27 | 9 |
| phase 2 | ×1.50 | 8 |
| preclinical | ×0.78 | 8 |
| phase 3 | ×0.70 | 3 |
| discovery | ×0.76 | 3 |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | Verona respiratory franchise | Verona Pharma | cardiopulmonary disease | unknown | — | $10.0B |
| 2026 | Terns CML asset | Terns Pharmaceuticals | chronic myeloid leukemia (CML) | phase_1 | — | $5.7B |
| 2026 | CML-related oncology program | unnamed partner | chronic myeloid leukemia (CML) | unknown | — | $838M |
| 2026 | — | Infinimmune | atopic dermatitis, IgA nephropathy, ulcerative colitis | discovery | — | $838M |
| 2026 | — | Quotient Therapeutics | inflammatory bowel disease | discovery | $20M | $2.2B |
| 2026 | CLDN18.2 | Tyra Biosciences | HCC | phase_2 | $239M | $1.9B |
| 2026 | CD33-tinib | Blueprint Medicines | AML | phase_1 | $65M | $815M |
| 2025 | CD388 (flu DFC acquisition) | Cidara Therapeutics | Influenza prevention | phase_3 | $9.2B | $9.2B |
| 2025 | SIRPα-tinib | Blueprint Medicines | CLL | phase_2 | $245M | $2.3B |
| 2025 | ATR | Innovent Biologics | Pancreatic | approved | $3.7B | $19.9B |
| 2025 | Anti-RET-001 | Affimed | ALL | discovery | $25M | $276M |
| 2025 | RET-101 | CRISPR Therapeutics | GBM | phase_2 | $224M | $2.4B |
| 2025 | SIRPα | Pyxis Oncology | GBM | preclinical | $77M | $809M |
| 2025 | HRS-5346 | Jiangsu Hengrui | Cardiovascular Disease (Lp(a)) | phase_1 | $200M | $2.0B |
| 2025 | Anti-HER2-301 | Editas Medicine | Ovarian | approved | $2.3B | $11.6B |
How this is computed
For each Merck 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 40 disclosed deal premiums vs. peer medians. Raw premium 0.958, clamped to [0.7, 1.5].