The cost of waiting: what licensing a biotech asset early really saves you

Summary

AstraZeneca acquired EsoBiotec's in vivo CAR-T platform for $425 million upfront plus up to $575 million in milestones in March 2025; Gilead's Kite acquired Interius BioTherapeutics' similar platform for $350 million in August 2025. The article discusses the pricing dynamics of early-stage biotech asset licensing.