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
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