Cell Therapy Deal Benchmarks (Beyond CAR-T)

Cell therapies beyond CAR-T -- including tumor-infiltrating lymphocytes (TIL), natural killer (NK) cells, and iPSC-derived therapies -- are generating increasing licensing activity. Phase 1 non-CAR-T cell therapy deals carry a median total deal value of $1.0B, with upfront payments from $48M to $175M. The promise of off-the-shelf allogeneic products and solid tumor efficacy drives pharma interest.

Development milestones dominate non-CAR-T cell therapy deals at $364M, reflecting the extensive clinical de-risking around manufacturing scalability, persistence, and GvHD management for allogeneic approaches. Commercial milestones of $228M reward the path to broad market adoption.

Royalty rates range from 8.9% to 15.6% at the base tier, escalating to 19.6% on peak sales. Off-the-shelf allogeneic platforms with solid tumor activity and reduced manufacturing complexity attract the highest valuations and most favorable deal structures.