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

In recent years, biopharma has paid significantly different prices for the same underlying technology. In March 2025, AstraZeneca agreed to pay EsoBiotec, an in vivo CAR-T platform with early single-patient data, $425 million upfront and up to $575 million more in milestones. In August 2025, Gilead’s Kite paid $350 million for Interius BioTherapeutics, another in vivo CAR-T platform, also…