TL;DR:
Preclinical ADCs are being valued around ~$300M, while Phase 1–2 assets can command multi-billion valuations. MacroGenics sits in between — and is currently undergoing a re-rating.
Recent deals reinforce this: the multi-billion Gilead–Tubulis transaction and Eli Lilly’s ~$300M acquisition of preclinical CrossBridge, alongside a recent analyst upgrade, are helping reset the valuation framework for ADC players.
Additionally, the April 29 FDA decision on TZIELD could further support the story by expanding the commercial opportunity and increasing the likelihood of future sales-based milestones.
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