The collaboration grants Johnson & Johnson (J&J) the right to work with Sail on advancing its lead immune-mediated disease program while exploring applications across additional therapeutic targets. If J&J exercises its acquisition option, it would pay the full $2.58 billion to bring Sail fully into its portfolio. At the heart of the agreement is Sail's in vivo chimeric antigen receptor (CAR T) platform. An in vivo approach that eliminates the need for ex vivo cell processing could dramatically expand the reach of these powerful therapies. The collaboration structure – combining upfront investment, milestone payments, and an acquisition option – gives J&J time to validate Sail's technology while securing exclusive rights to bring the company into its fold.