Dissecting monoclonal antibody mega-deals

Monoclonal antibody (mAb) deals notable in size have made headlines recently. While deals with over US$ 1 bio in milestones were highly unusual in the past, even preclinical agreements, including some with very attractive co-promotion or profit-sharing clauses for the licensor, now reach this mark. This article presents an analysis of the structure of high-value mAb deals and the impact of increasingly sophisticated terms. Strategies of licensees and the impact of strategy on a deal's size and structure are also examined.