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Table 1 Drug development costs (Bogdan and Villiger 2010)

From: Valuations using royalty data in the life sciences area—focused on anticancer and cardiovascular therapies

Phase

Cost

Lead optimisation

US$ 2–3 mn

Preclinical phase

US$ 2–3 mn

Clinical phase 1

US$ 1–5 mn

Clinical phase 2

US$ 3–11 mn

Clinical phase 3

US$ 10–60 mn

Approval

US$ 2–4 mn