Table of Content

Executive Summary

Chapter 1 – Introduction

Chapter 2 – Why do companies partner clinical stage compounds?

2.1. Introduction
2.2. The role of clinical stage partnering
2.2.1. In-licensing at clinical stage
2.2.2. Out-licensing at clinical stage
2.3. Difference between phase I, II and III stage deals
2.4. Reasons for entering into clinical stage partnering deals
2.4.1. Licensors reasons for entering clinical stage deals
2.4.2. Licensees reasons for entering clinical stage deals
2.5. The future of clinical stage partnering deals

Chapter 3 – Clinical stage deal strategies and structure

3.1. Introduction
3.2. At what stage do companies partner?
3.2.1. Partnering early in pharmaceutical/biotech
3.2.1.1. Discovery and preclinical stage partnering case studies
3.2.1.1.a. Case study 1
3.2.1.1.b. Case study 2
3.2.1.1.c. Case study 3
3.2.1.1.d. Case study 4
3.2.2. Partnering later in pharmaceutical/biotech
3.2.2.1. Clinical stage partnering case studies
3.2.2.1.a. Case study 5
3.2.2.1.b. Case study 6
3.2.2.1.c. Case study 7
3.2.2.1.d. Case study 8
3.3. Early and later stage partnering – a risk/cost comparison
3.4. What do companies spend on clinical stage partnering?
3.5. Pure versus multi-component partnering deals
3.6. Pure licensing agreement structure
3.6.1. Example pure licensing agreements
3.6.1.a. Case study 9
3.6.1.b. Case study 10
3.7. Multicomponent clinical stage partnering agreements
3.7.1. Example multicomponent clinical stage clauses
3.7.1.a. Case study 11

Chapter 4 – Clinical stage partnering payment strategies

4.1. Introduction
4.2. Clinical stage payment strategies
4.3. Payment options
4.3.1. Headline values
4.3.2. Upfront payments
4.3.2.1. Conditionality of upfront payments
4.3.3. Loans
4.3.4. Convertible loans
4.3.5. Equity
4.3.6. R&D funding
4.3.7. Licensing fees
4.3.8. Milestone payments
4.3.9. Royalty payments
4.3.9.1. Issues affecting royalty rates
4.3.9.2. Royalties on combination products
4.3.9.2.a. Case study 12
4.3.9.3. Guaranteed minimum/maximum annual payments
4.3.9.4. Royalty stacking
4.3.9.5. Royalties and supply/purchase contracts
4.3.10. Quids
4.3.11. Option payments

Chapter 5 – Trends in clinical stage deal making

5.1. Introduction
5.2. Clinical stage partnering over the years
5.2.1. Trends in phase I deals since 2016
5.2.1.1. Attributes of phase I deals
5.2.2. Trends in phase II deals since 2016
5.2.2.2. Attributes of phase II deals
5.2.3. Trends in phase III deals since 2016
5.2.3.1. Attributes of phase III deals
5.3. Clinical stage partnering by deal type
5.4. Clinical stage partnering by disease type
5.5. Partnering by clinical stage technology type
5.6. Clinical stage partnering by most active company since 2016

Chapter 6 – Payment terms for clinical stage partnering

6.1. Introduction
6.2. Guidelines for clinical stage payment terms
6.2.1. Upfront payments
6.2.2. Milestone payments
6.2.3. Royalty payments
6.3. Clinical stage payment terms – deal data analysis
6.3.1. Public data
6.3.2. Survey data
6.4. Payment terms analysis
6.4.1. Clinical stage partnering headline values
6.4.2. Clinical stage deal upfront payments
6.4.3. Clinical stage deal milestone payments
6.4.4. Clinical stage royalty rates

Chapter 7 – Leading clinical stage deals

7.1. Introduction
7.2. Top clinical stage deals by value

Chapter 8 – Top 25 most active clinical stage dealmakers

8.1. Introduction
8.2. Top 25 most active clinical stage dealmakers

Chapter 9 – Clinical stage partnering contracts directory

9.1. Introduction
9.2. Clinical stage deals with contracts since 2016

Chapter 10 – Clinical stage deal making by development stage

10.1. Introduction
10.2. Deals by clinical stage
Phase I
Phase II
Phase III
Regulatory

Appendices

Appendix 1 – Clinical stage dealmaking by companies A-Z
Appendix 2 – Clinical stage dealmaking by industry sector
Appendix 3 – Clinical stage dealmaking by stage of development
Appendix 4 – Clinical stage dealmaking by therapy area
Appendix 5 – Clinical stage dealmaking by technology type

About Wildwood Ventures

Current Partnering
Current Agreements
Recent report titles from Current Partnering

Table of figures
Figure 1: Definition of clinical phases in dealmaking
Figure 2: Components of the pure licensing deal structure
Figure 3: Payment options for clinical stage partnering deals
Figure 4: Issues affecting royalty rates
Figure 5: Clinical stage partnering by deal type since 2016
Figure 6: Clinical stage partnering by disease type since 2016
Figure 7: Clinical stage partnering by technology type since 2016
Figure 8: Top 25 most active clinical stage dealmakers, 2016 to 2023
Figure 9: Review of upfront payments for clinical stage deals
Figure 10: Review of milestone payments for clinical stage deals
Figure 11: Review of royalty payments for clinical stage deals
Figure 12: Clinical stage deals with a headline value
Figure 13: Clinical stage deals with an upfront value
Figure 14: Clinical stage deals with a milestone value
Figure 15: Clinical stage deals with a royalty rate value
Figure 16: Top clinical stage deals by value since 2016
Figure 17: Most active clinical stage dealmakers 2016 to 2023