New 2026 Biopharma Licensing Data Shows Double-Digit Royalties More Common for Late-Stage Assets
New Current Partnering analysis highlights the relationship between development stage and royalty economics in pharmaceutical and biotechnology licensing agreements
(LONDON, UK - August 12, 2026) - New analysis of pharmaceutical and biotechnology licensing agreements announced during the first seven months of 2026 shows a marked difference in royalty structures as assets advance through development.
Current Partnering found that 80% of the reviewed licensing agreements involving Phase III, regulatory-stage or marketed assets provided for royalty rates that could reach double-digit percentages, compared with 50% of agreements involving discovery, preclinical or Phase I assets.
The analysis, based on distinct 2026 licensing agreements with disclosed or described royalty structures, highlights the influence that development stage and risk can have on royalty economics.
“This latest 2026 data reinforces how strongly development risk can influence royalty economics” said Claire Nicholson, CEO of Current Partnering. “As assets move closer to approval and commercialization, licensors are generally in a stronger position to retain a more meaningful share of future revenues. But royalty rates should never be viewed in isolation; the wider deal structure is critical when assessing whether a royalty rate is genuinely comparable,” added Nicholson.
Several transactions announced during 2026 illustrate the range of royalties being negotiated for later-stage assets:
· BioCryst Pharmaceuticals / Neopharmed Gentili - tiered royalties ranging from 18% to 30% on net sales for European rights to Phase III HAE candidate navenibart.
· Arvinas / Pfizer / Rigel Pharmaceuticals - tiered royalties ranging from the mid-teens to mid-20s on global net sales of VEPPANU (vepdegestrant).
· Curatis / Neupharma - royalties of up to 20% on future Japanese sales of Phase III-stage corticorelin.
The wider 2026 data also demonstrates why headline royalty percentages cannot be considered in isolation. Development stage, geographic scope, retained rights, commercialization responsibilities, upfront consideration and milestone economics can all influence the royalty structure ultimately agreed between the parties.
The analysis forms part of the August 2026 edition of Current Partnering's Royalty Rates in Pharmaceutical and Biotechnology Licensing Deals 2015 to 2026 which examines royalty structures and financial terms across more than 1,600 publicly disclosed pharmaceutical and biotechnology licensing deals.
About Current Partnering
Current Partnering provides pharmaceutical and biotechnology dealmaking intelligence for business development, licensing and corporate strategy professionals. Its analyst-curated intelligence covers real-world licensing agreements, collaborations and other strategic transactions, including royalty provisions, financial terms, rights allocation and underlying agreement documents where available.
Media Contacts
Claire L. Nicholson – CEO, Current Partnering
Darren K. Small – CBO, Current Partnering
Contact: +447550079918