J&J secured a $785 million collaboration with Sail Biomedicines, including an option to acquire the in vivo CAR T firm. The deal is part of J&J’s broader push into multiple in vivo CAR T strategies, positioning sail’s platform and engineering approach as a candidate for autoimmune-related indications. The collaboration structure—combining upfront economics with an option—reflects how large pharma is managing uncertainty in early in vivo cell therapy platforms while still building optionality for later consolidation. For Sail, the agreement provides resources to keep development moving, while J&J gains a pathway to internalize or further develop the asset pipeline depending on clinical progress.