Executive Summary
The 2024–2025 biopharma licensing landscape reveals significant shifts in deal-making priorities, with oncology maintaining dominance while cardiometabolic assets command the highest premiums. Our analysis of 389 licensing deals uncovers key patterns in valuation, stage preferences, and therapeutic focus.
Key Finding #1: Cardiometabolic Commands Premium
Cardiometabolic deals average $151M upfront — 37% higher than oncology ($110M) despite oncology's deal volume dominance.
Key Finding #2: Early-Stage Dominance
34% of all deals are for preclinical assets, signaling pharma's increasing appetite for early-stage risk in exchange for lower upfronts and greater upside.
Key Finding #3: Platform Deals Rising
Multi-target platform deals now represent 18% of total value, up from 11% in 2023, as pharma seeks broader optionality.
Deals by Therapeutic Area
Average upfront payments vary significantly by therapeutic area, reflecting risk profiles, market sizes, and competitive dynamics.
Deals by Development Stage
| Stage | Deal Count | Avg Upfront | Avg Total Value | % of Deals |
|---|---|---|---|---|
| Preclinical | 132 | $45M | $620M | 34% |
| Phase 1 | 89 | $78M | $890M | 23% |
| Phase 2 | 97 | $125M | $1.2B | 25% |
| Phase 3 | 54 | $210M | $1.8B | 14% |
| Approved | 17 | $340M | $2.1B | 4% |
| Total / Average | 389 | $95M | $985M | 100% |
Methodology
This analysis includes 389 licensing deals announced between January 2024 and December 2025, sourced from SEC filings, press releases, and proprietary databases. Deals were categorized by therapeutic area, development stage at signing, and deal structure. Platform deals were allocated proportionally across therapeutic areas when applicable.