A new dispatch argues that large biopharma is increasingly using cell and gene therapy deals as an exit route, replacing the role of biotech IPOs. The piece points to Eli Lilly’s CGT spending spree as an anchor example, crediting corporate capital with expanding CGT deal velocity and shifting how outcomes are monetized. Industry analysis frames the change as practical: big pharma acquisitions can absorb late-stage development risk, integrate manufacturing and distribution, and move therapies toward broader commercialization faster than the capital markets cycle. For biotech investors and operators, the reported dynamic implies more M&A-driven value realization for CGT assets—alongside increased pressure to show scale-up readiness, payer strategy, and long-term follow-up capabilities.