Pharma pours billions into bispecifics, ADCs and cell therapies despite limited clinical proof

The article notes that emerging drug formats such as bispecific antibodies, antibody‑drug conjugates and cell therapies have yet to demonstrate clear clinical success, yet pharmaceutical firms continue to allocate massive sums to their development.

A highlighted example is Bristol Myers Squibb's partnership with BioNTech, which includes a $1.5 billion upfront payment and a $2 billion non‑contingent anniversary payment for the joint development of pumitamig, a bispecific antibody that targets PD‑L1 and VEGF‑A. The agreement could expand to roughly $11.1 billion if all development, regulatory and commercial milestones are achieved.

Analysts describe this as a growing tension in drug R&D: companies are betting heavily on promising scientific concepts before robust clinical evidence is available, hoping that the combined checkpoint inhibition and VEGF blockade strategy will eventually prove effective.