In return for a staggering US$1 B upfront in cash and equity, Celgene has gained rights to access Juno Therapeutics’ pipeline of chimeric antigen receptor technology (CAR-T) and T-cell receptor (TCR) programmes over a 10-year period as it strives to become a leading player in immuno-oncology. As part of the agreement, Celgene will take a 10% equity stake in Juno at a premium of almost 100%. The front-loading of the deal has sparked much controversy, however, given the early development stage of Juno’s pipeline assets.