Deal Structures & Market Entry
Deal Architectures from Landmark Partnerships
Notes on how recent landmark cell therapy and oncology partnerships have been structured — upfronts, biobucks, territory splits, and the contingent value mechanics that actually get exercised.
Reading published deal terms carefully
Headline numbers are designed to be read. The structures that matter for sellers — milestone gating, sales thresholds, opt-in triggers, reversion rights — sit in the press release footnotes or not at all. We look at recent transactions where the structure, not the upfront, drove the outcome.
Territory splits across US, EU, Japan, and China
Regional carve-outs have become more granular. Japan and Greater China rights are increasingly negotiated separately, with regional partners willing to underwrite local development in exchange for commercial exclusivity.
Contingent value: which milestones actually pay
A pragmatic view of which milestone classes — regulatory, first patient dosed in pivotal, first commercial sale, sales-based — have historically converted, and how to weight them when comparing competing term sheets.
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