ADC vs CAR-T (Heme) — Oncology Deal Terms Comparison
Market Analysis
In oncology, ADC and CAR-T (Heme) represent two of the most actively transacted modalities. At Phase 2, ADC deals carry a median total deal value of $2.6B with $411M upfront, compared to $2.0B total value and $309M upfront for CAR-T (Heme). The valuation difference reflects distinct risk-reward profiles, manufacturing complexity, and competitive dynamics.
Milestone structures diverge between the two modalities. ADC development milestones average $550M versus $414M for CAR-T (Heme). Commercial milestones are $770M for ADC and $580M for CAR-T (Heme). Royalty rates range from 13.6%-22.2% for ADC and 12.5%-20.4% for CAR-T (Heme).
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Frequently Asked Questions
How do ADC and CAR-T (Heme) deal terms compare in oncology?
Which modality commands higher royalty rates: ADC or CAR-T (Heme)?
How do milestone structures differ between ADC and CAR-T (Heme)?
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