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ADC vs CAR-T (Heme) — Oncology Deal Terms Comparison

ADC Median Upfront
$411M
Total: $2.6B
CAR-T (Heme) Median Upfront
$309M
Total: $2.0B
ADC Royalties
13.6%-22.2%
Tiered to 26.2%
CAR-T (Heme) Royalties
12.5%-20.4%
Tiered to 24.4%

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.

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Frequently Asked Questions

How do ADC and CAR-T (Heme) deal terms compare in oncology?
ADC Phase 2 deals average $2.6B total deal value ($411M upfront), while CAR-T (Heme) deals average $2.0B ($309M upfront). The difference reflects modality-specific risk profiles, manufacturing considerations, and competitive positioning.
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Complete deal term ranges, comparable transactions, and negotiation insights.

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