Executive Summary

Chapter 1 - Introduction
1.1. What are royalties?
1.2. History of royalty rates
1.3. Royalties in pharma and biotech
1.4. Royalties versus revenue share
1.5. Overview of the report

Chapter 2 - An overview of pharma and biotech royalty rates
2.1. Trends in royalty rates 2010-2021
2.2. Royalty rate disclosure in pharma and biotech
2.3. How do revenue shares figure?
2.4. A review of recent literature
2.5. Royalty rates in the future

Chapter 3 - Average royalty rates for pharma and biotech partnering
3.1. Royalty rates in early stage deals
3.2. Royalty rates by stage of development
3.3. Royalty rates by therapy area

Chapter 4 - The royalty clause in pharma and biotech deals
4.1. Partnering agreement structure
4.2. Structure of a typical royalty clause
4.3. Example royalty clauses
4.3.1. Case study 1: Merck Serono-Opexa Therapeutics
4.3.2. Case study 2: Aradigm - Grifols
4.3.3. Case study 3: Forect Laboratories - Trevena
4.3.4. Case study 4: Sage Therapeutics - University of California

Chapter 5 - Companies actively disclosing royalty rates
5.1. 25 most active companies in disclosing royalty rates
5.2. Top partnering deals by royalty rate
5.3. Top partnering deals by royalty rate

Chapter 6 - Royalty rate contract directory
Explore royalty rates within the deal contract document to gain greater insight

Appendices
Appendix 1 - Royalty rates in deals - by company A-Z
Appendix 2 - Royalty rates in deals - by therapy area
Appendix 3 - Royalty rates in deals - by stage of development at signing
Appendix 4 - Royalty rates in deals - by technology type
Appendix 5 - Royalty rate references
Appendix 6 - Resources
Appendix 7 - Deal type definitions
Appendix 8 - Example royalty rate deal contract document
About Wildwood Ventures
Current Partnering
Current Agreements
Recent report titles from Current Partnering

TABLE OF FIGURES
Figure 1: Trends in pharma and biotech royalty rates, 2010-2021
Figure 2: Royalty rates in early stage at deal signing - 2010-2021
Figure 3: Royalty rates by phase of development at deal signing - 2010-2021
Figure 4: Royalty rates by therapy area - 2010-2021
Figure 5: Components of the partnering deal structure
Figure 6: Components of the partnering royalty clause
Figure 7: Most active companies disclosing royalty rate 2010-2021
Figure 8: Top deals by royalty rate 2010-2021
Figure 9: Deals disclosing revenue share 2010-2021
Figure 10: Online partnering resources
Figure 11: Deal type definitions
Figure 12: Licensing agreement for rhAAT - rEVO Biologics, LFB Biotechnologies

Companies mentioned
3D Medicines, Abbott Laboratories, Abbvie, Ablynx, Abraxis BioScience, Acceleron Pharma, Acer Therapeutics, Acerus, Acrotech Biopharma, Actavis (acquired by Watson), Active Biomaterials, Acura Pharmaceuticals, Adamis Pharmaceuticals, Adaptimmune, Adeona Pharmaceuticals, Adial Pharmaceuticals, Aditx Therapeutics, Adlai Nortye, Aduro BioTech, Advanced Dosage Forms, Advaxis, Advirna, Aegerion Pharmaceutical, Aerie Pharmaceuticals, AEterna Zentaris, Afritex Medical Products, Agenus Bio, Agios Pharmaceuticals, AIT Therapeutics, Akcea Therapeutics, Akebia Therapeutics, Albert Einstein College of Medicine, Alchemia, Alder Biopharmaceuticals, Alector, Alexion Pharmaceuticals, Alexza Pharmaceuticals, Alfasigma, Alfa Wassermann, Allergan, Allergan (name changed from Actavis), Almirall, Alnylam Pharmaceuticals, Alpha Biopharma, Alternavida, Altman Enterprises, AltrazealTrading, Altum Pharmaceuticals, Alvogen, Amarantus BioSciences, American Type Culture Collection (ATCC), Amgen, Amherst Pharmaceuticals, Amorfix Life Sciences, Ampio Pharmaceuticals, Amylin Pharmaceuticals, Amyris, AnaBios, AnaptysBio, AnGes MG, Angion Biomedica, AnnaMed, Antibe Therapeutics, Antigen Express, Apricus Biosciences, Aquestive Therapeutics, Aradigm, Aratana Therapeutics, Arch Pharmalabs, Arctic Vision, Ardelyx, Arena Pharmaceuticals, Arrowhead Pharmaceuticals, Assembly Biosciences, Astellas Pharma, Astellas Pharma Europe, Asterias Biotherapeutics, AstraZeneca, Athenex, Atossa Genetics, Atreca, Audeo Oncology, Augmenta, Aurigene Discovery Technologies, Aurinia Pharmaceuticals, Authentic Brands Group, AVEO Oncology, Avita Therapeutics, Avivagen, Axovant Gene Therapies, Aytu BioScience, Azaya Therapeutics, Azure Biotech, Baker Brothers Investments, Baliopharm, BASF, Baxter International, Bayer Healthcare, Bayer Innovation, Baylor Research Institute, Belgian Volition, Bellerophon Therapeutics, Benitec Biopharma, Besins Healthcare, Beth Israel Deaconess Medical Center, BetterLife Pharma, Bharat Biotech, BIND Biosciences, BioCorRx, BioCryst Pharmaceuticals, Bioeq IP, Biogen, BioGene Technology, Biohaven Pharmaceutical Holding, BioInvent, BiolineRX, BioMarin Pharmaceutical, BioNovion, BioNTech, Biopharmex, BiopharmX, BioPorto, Bioprocess Capital Ventures, BioProspect, Biostem US, Biotech Investment, Biotechnology Value Fund, BioTime Acquisition, Bioton, Biovail, BioZone Laboratories, BioZone Pharmaceuticals, Bluebird Bio, Blueprint Medicines, BMV Medica, Boehringer Ingelheim, Braeburn Pharmaceuticals, BrainStorm Cell Therapeutics, Breathtec BioMedical, Bristol-Myers Squibb, Caleco Pharma, Calico, Can-Fite BioPharma, Cancer Prevention Pharmaceuticals, Cannassure Therapeutics, CanniMed Therapeutics, Canntab Therapeutics, Cannus Partners, Cantex Pharmaceuticals, Cara Therapeutics, Cardigant Medical, Cardium Therapeutics, CareFusion, Cary Pharmaceuticals, CASI Pharmaceuticals, Castle Creek Pharmaceuticals, Catalent, CB2 Therapeutics, Celdara Medical, Celgene, Cell Cure Neurosciences, Cel Sci, Celyad, Cereal Ingredients, Cerebain Biotech, Cerus, cGreen, Chi-Med, Chiesi Farmaceutici, Chimerix, Chong Kun Dang, Chongqing Jingdong Pharmaceutical, Cimtech, Cipher Pharmaceuticals, Cipla, Circassia, Clal Biotech, Clalit Health Services, Clearside Biomedical, Clemson University, Cleveland BioLabs, Clinigen, CMIC, CNS Pharmaceuticals, Cocrystal Pharma, Coeptis Pharmaceuticals, CohBar, Cohen-McNiece Foundation, Coherus Biosciences, Colby Pharmaceuticals, Collegium Pharmaceuticals, Columbia Laboratories, Columbia University, Common Sense, Conatus Pharmaceuticals, Concile, Consilient Health, ContraFect, Coronado Biosciences, Cosmo Pharmaceuticals, CRISPR Therapeutics, Crucell, CSL, CTT Pharmaceutical, Cumberland Pharmaceuticals, Cures Within Reach, CureTech, Curis, Currax Pharmaceuticals, CURx Pharmaceuticals, Cutanea Life Sciences, Cypress Bioscience, Cytodyn, Cytori Therapeutics, Daewoong Pharmaceutical, Daiichi Sankyo, Dana-Farber Cancer Institute, Dance Biopharm, DAS Therapeutics, Defiante Farmaceutica, Denali Therapeutics, DepoMed, Derma Sciences, Dermavant Sciences, Dermin, Dianomi Therapeutics, Dicerna Pharmaceuticals, DNA Biomedical Solutions, Dr. Falk Pharma, Dr. Reddy's Laboratories, Dragonfly Therapeutics, Drugs for Neglected Diseases Initiative, DS Healthcare, Duke University, Dyax, Eagle Pharmaceuticals, Eagle Pharmaceuticals (US), Easton Pharmaceuticals, Echo Therapeutics, Ecology Coatings, Eddingpharm, Egalet, Eisai, Elencee, Eli Lilly, Elite Pharmaceuticals, Emergent BioSolutions, Emory University, Endocyte, Endo Pharmaceuticals, Enochian Biosciences, Entera Bio, Entest BioMedical, EnWave, Epizyme, Epocal, Esperion Therapeutics, Eternity Healthcare, Eureka Genomics, EUSA Pharma, Evolva, Exact Sciences, Exelixis, Eyevance, Fairview Health System, FasTrack Pharmaceuticals, Ferozsons Laboratories, Fibrocell Science, Forest Laboratories, Fosun Pharmaceutical, Fox Chase Chemical Diversity Center, Fresenius Kabi Pharmaceuticals, FSD Pharma, Fusion Pharmaceuticals, FusionVax, Galapagos, Galmed Pharmaceuticals, GE Healthcare, Genentech, Generex Biotechnology, Genevant Sciences, Genmab, Gentium, Genzyme, Geron, Gilead Sciences, GlaxoSmithKline, Glenmark Generics Inc USA, Glenmark Pharmaceuticals, Goldfinch Bio, Government of Israel, Gravocore, Grifols, GT Biopharma, Hai Kang Life, Hail First Pharma, Hainan Sihuan Pharmaceutical, Halo Labs, Halozyme Therapeutics, Hansen Medical, Health Canada, Health Discovery, Heat Biologics, Hefei Life Science, Hefei Tianhui Incubation of Technologies, HekaBio, HemoCleanse, Hemogenyx, HemPup, Hetero Labs, HIBM Research Group, Hikma Pharmaceuticals, Hoffmann La Roche, Hollister Biosciences, Hookipa Pharma, Horizon Pharma Inc, HyperGenomics, Icahn School of Medicine at Mount Sinai, Ice + Jam, IDC-GP Pharm, IDEAYA Biosciences, Idera Pharmaceuticals, Idorsia, Idun Pharmaceuticals, iMetabolic Biopharma, Immugenyx, ImmunityBio, Immunomedics, Immunomic, Immunovative Therapies, ImmVira, Impax Laboratories, Imprimis Pharmaceuticals, iNAP, Incuron, Incyte, Infinity Pharmaceuticals, Inhibitor Therapeutics, Innate Pharma, Innocoll, Innovate Biopharmaceuticals, Innovation Pharmaceuticals, Innovus Pharmaceuticals, INO Therapeutics, Inspiration Biopharmaceuticals, Instrumentation Laboratory, IntelGenx, IntelliCell BioSciences, Intellikine, Internet Marketing Consortium, Intrexon, Intuitive Surgical, Invekra, Inverness Medical Innovations, Ionis Pharmaceuticals, Ipsen, Iroko Pharmaceuticals, Ironwood Pharmaceuticals, Israeli National Authority for Technological Innovation, Itrom Pharmaceutical Group, Jaguar Health, Janssen Biotech, Janssen Pharmaceuticals, Jazz Pharmaceuticals, JFC Technologies, Jiangsu Alphamab, Jiangsu Lianhuan Pharmaceuticals, Jiangsu NHWA Pharmaceutical, John Morley Foods, Jubilant Life Sciences, Juniper Pharmaceuticals, Junshi Biosciences, Juventas Therapeutics, K2M, Kadmon Pharmaceuticals, KaloBios Pharmaceuticals, KemPharm, Kensey Nash, Kieran Murphy, Kinetic Concepts, Kiniksa Pharmaceuticals, Kitov Pharma, Klaria, Knighton Foods, Knight Therapeutics, Kodiak Sciences, Kraig Biocraft Laboratories, KVK-Tech, Kwang Dong Pharmaceutical, Kyowa Hakko Kirin, L1 Systems, Laboratories Acbel, Legend Biotech, Level Brands, LFB Biotechnologies, Lifestyle Delivery Systems, Ligand Pharmaceuticals, Lipidor, Lorna Linda University, Lubrizol, Lumenis, Lundbeck, Lung Therapeutics, MabCure, Macrogenics, Magenta Therapeutics, MainPointe, Mallinckrodt Pharmaceuticals, Marvanal, Marv Enterprises, Massachusetts General Hospital, Matrix Biomed, Mayne Pharma, McComb Foundation, McEwen Centre for Regenerative Medicine, Meda, Medica, Medica Avante, Medical Technologies Innovation Asia, Medicines Patent Pool Foundation, MediGene, Medigus, MedImmune, Medison Pharma, Medivation, Medivir, Medovex, MEI Pharma, Melmed, Memory Dx, Merck and Co, Merck KGaA, Merck Serono, Merus, Micromet, Mikah Pharma, Millennium, Mimi's Rock, Ministry of Health, Labor and Welfare, Miraculins, Moderna Therapeutics, Moleculin Biotech, Mologen, Momenta Pharmaceuticals, Monopar Therapeutics, Morgan Stanley, MorphoSys, Mount Sinai Health System, MultiCell Immunotherapeutics, Munich Leukemia Laboratory, Mylan Laboratories, Mylan Pharmaceuticals, Myovant Sciences, NanoVibronix, NantCell, NantKwest, Nantong Jinghua Pharmaceutical, NantWorks, Napo Pharmaceuticals, Natac Biotech, Natco Pharmaceuticals, National Green Biomed, Nektar Therapeutics, Neogenomics, Nephrogenex, Nephros, Neurocrine Biosciences, NeuroRx, NeuroSigma, NeuroVive Pharmaceutical, NeuroVive Pharmaceutical Asia, NewLeaf Brands, Newsoara Biopharma, New York University, NexMed, Nextleaf Solutions, Nexvet, NGM Biopharmaceuticals, Nicox, Nordic Bioscience, Norgine, NorthStar Medical Radioisotopes, Notable Labs, Novadaq Technologies, NovaDel Pharma, Novan, Novan Therapeutics, Novartis, Novartis Vaccines and Diagnostics, Novocure, Novus Biologicals, Nucorion, Nurix, Nutech Medical, NutraOrigin, NXTGEN, Nymox Pharmaceutical, Oberland Capital, Ocugen, Oculus Innovative Sciences, Ocumension Therapeutics, Omeros, Oncologie, Oncolytics Biotech, OncoMed Pharmaceuticals, Onegevity, One Way Liver Genomics (OWL), Onxeo, Onyx Pharmaceuticals, Opexa Therapeutics, OptiBiotix, OptiNose, Oragenics, Oramed Pharmaceuticals, Orexigen Therapeutics, Organovo, Orgenesis, Orion, Orox Pharmaceuticals, OrthoCyte, Otsuka, OvaMed, Oxford BioMedica, Oxis Biotech, Oxygen Biotherapeutics, OxySure Systems, Pan-Provincial Vaccine Enterprise, Parnell Pharmaceuticals, Par Pharmaceutical, PDL BioPharma, Penwest Pharmaceuticals, Pernix Therapeutics, Perugia University, Pfenex, Pfizer, Pharmacyclics, PharmaCyte Biotech, PharmaMar, PharmaNova, Pharmastrip, Phosphagenics, Photocure ASA, Phusion Laboratoies, Phyto Nutricare, Pieris, Pipex Pharmaceuticals, Plandai Biotechnology, Pluristem Therapeutics, Portola Pharmaceuticals, Poseida Therapeutics, Pozen, PreMD, Premier Biomedical, Professional Compounding Centers of America, Progenics Pharmaceuticals, Prometic Life Sciences, ProQR Therapeutics, Prosidion, Protalix BioTherapeutics, Proteonomix, Prothena Biosciences, ProtoKinetix, Pulmatrix, Puma Biotechnology, QRxPharma, Quick Med Technologies, Quigley Corporation, Reata Pharmaceuticals, Recordati, Recro Pharma, RedHill Biopharma, Reedy Creek Investments, RegenaStem, Regeneron Pharmaceuticals, Relay Therapeutics, Relief Therapeutics, Relmada Therapeutics, RenalytixAI, ReNeuron, Replicel Life Sciences, Repligen, Resarci Therapeutics, Retrophin, rEVO Biologics, Revolution Medicines, Rigel Pharmaceuticals, RNL Bio, Roche, Rockefeller University, Roivant Sciences, Royalty Pharma, RST Biomedikal Sanayi, Ruthigen, RXi Pharmaceuticals, S2 Therapeutics, SACCO, Sage Therapeutics, Salix Pharmaceuticals, Sam Amer, Sandoz, Sanofi, Sanofi-Aventis, Sanofi-Pasteur, Santarus, Santen Pharmaceutical, Sanuwave Health, SA Pathology, Sarepta Therapeutics, Scopus BioPharma, Seattle Genetics, Seelos Therapeutics, Sekris Biomedical, Senetek, Sensory Cloud, Sermonix Pharmaceutical, Shanghai Pharmaceuticals Holdings, Sheba Medical Center, Shenzhen BioScien Pharmaceuticals, Shield Therapeutics, Shionogi, Shire Pharmaceuticals, Shore Therapeutics, Siemens Healthcare Diagnostics, Sigma-Tau, Sinclair Pharmaceuticals, Sinobiopharma, Sinopharm, Skinvera, Skyline Diagnostics, Solarvest BioEnergy, Soliance, Soligenix, Sorrento Therapeutics, Spectranetics, Spencer Pharmaceutical, Spinal USA, St. Jude Children's Research Hospital, STADA Arzneimittel, Stanford University, Stealth Therapeutics, Stellar Biotechnologies, St Jude Medical, Strongbridge Biopharma, Sucampo AG, Sunesis Pharmaceuticals, SuperNova Diagnostics, Swedish Orphan Biovitrum, Symbollon, Synergy Strips, Syntopix, Tactical Relief, Taiba, Takeda Pharmaceutical, Tango Therapeutics, Target Group, Tauriga Sciences, TB Alliance, TearLab, Technion Research and Development Foundation, Tesaro, Tetra Bio-Pharma, TetraLogic Pharmaceuticals, Teva Pharmaceutical Industries, Texas A&M University, TFF Pharmaceuticals, Therakine, Theravance, Theravance Biopharma, The Regents of the University of California, Thorne Research, Threshold Pharmaceuticals, TiGenix, Tilray, Titterington Veterinary Services, Tiziana Life Sciences, Tocagen, TONIX Pharmaceuticals, Torii Pharmaceutical, TRACON Pharmaceuticals, Tramorgan, Transgene, Trellis Bioscience, Trevena, Trimedyne, Trimeris, TrovaGene, TTFactor, Turnstone Biologics, Tyme Technologies, Ultragenyx Pharmaceuticals, Uluru, Unigene Laboratories, UniQure, Universal Cells, University Health Network, University of Alberta, University of California, University of Central Florida Research Foundation, University of Colorado, University of Florida Research Foundation, University of Geneva, University of Missouri, University of Notre of Dame, University of Pennsylvania, University of Texas, University of Virginia, University of Western Sydney, University of Zurich, UOP, Uppsalagruppen Medical, Upstream Peripheral Technologies, UroGen Pharma, Valeant Pharmaceuticals, ValiPharma, Valneva, Valor Biotherapeutics, Vanderbilt University, Vasomune Therapeutics, Vaxent, VBL Therapeutics (dba), Veloxis Pharmaceuticals, Veracyte, Verenium, VeroScience, Vertex Pharmaceuticals, Vida Concepts, Vifor Pharma, ViiV Healthcare, Virbac, Viropharma, VistaGen Therapeutics, Vividion Therapeutics, VolitionRX, Voyager Therapeutics, Vyera Pharmaceuticals, Vyrix Pharmaceuticals, Watson Pharmaceuticals, WAVE Life Sciences, Wigen Biomedicine, Wisconsin Alumni Research Foundation, World Class Extractions, WPD Pharmaceuticals, WUGEN, Xbrane Bioscience, Xencor, Xlife Sciences, XTL Biopharmaceuticals, Xynomic Pharmaceuticals, Yale University, Yeda Research and Development Company, Yeugnam University, Yissum Research Development, ZAI Laboratory, Zalicus, Zenitech, Zenith Epigenetics, Ziopharm Oncology, ZS Pharma