在2025年12月举行的美国血液学会（ASH）年会上，Anitocabtagene autoleucel（anito-cel）在重度预处 理的R/R MM患者中展现出令人振奋的疗效：客观缓解率（ORR）高达96%，完全缓解（CR）或严格完 全缓解（sCR）率达到74%，且缓解持久性良好，安全性可控。这项研究结果不仅为R/R MM患者带来 了新的治疗选择，也进一步巩固了BCMA CAR T疗法在晚期骨髓瘤治疗中的核心地位。 21世纪经济报道记者季媛媛 2月23日，吉利德科学宣布与其长期合作伙伴Arcellx达成最终协议，将以每股115美元现金、总股权价值 约78亿美元的价格收购后者。消息一出，Arcellx盘前股价应声暴涨近80%。 这一收购背后被认为是吉利德旗下Kite Pharma在细胞治疗领域布下的一枚重子。根据协议条款，吉利 德将获得Arcellx的全部控股权，但故事并未结束。Arcellx的股东未来还有机会获得每股5美元的或有价 值权（CVR），而触发条件是核心资产anito-cel在上市后至2029年底，全球累计净销售额达到至少60亿 美元 。 这一"对赌"条款显示了吉利德对anito-cel成为重 ...

Core Viewpoint - The investment by Sunshine Nuohong in Yuanma Zhiyao highlights the growing interest and activity in the in vivo CAR-T therapy sector, which is seen as a promising alternative to traditional CAR-T therapies due to its potential for reduced costs and shorter preparation times [1][4][10]. Company Investment - On October 20, Sunshine Nuohong announced an investment of 15 million yuan (approximately 2.1 million USD) in Yuanma Zhiyao, acquiring an 8.2% stake in the company [4][5]. - Yuanma Zhiyao, established in June 2023, focuses on the innovative research and development of circular mRNA in vivo CAR-T therapies and is currently in the early stages of pipeline development [4][5]. Industry Trends - The in vivo CAR-T therapy field has seen increased investment and collaboration from major pharmaceutical companies, including AstraZeneca, AbbVie, and Bristol-Myers Squibb, indicating a trend towards this innovative treatment approach [8][9]. - The traditional CAR-T therapy process is lengthy and costly, typically taking 3-4 weeks and costing over 1 million yuan (approximately 140,000 USD), which limits its accessibility [5][10]. Advantages of In Vivo CAR-T - In vivo CAR-T therapy offers significant advantages over traditional methods, including a reduced preparation time of 2-3 days and potential cost reductions to below 50,000 USD per treatment [10][12]. - The technology allows for a more streamlined process, eliminating the need for personalized quality control and GMP cell factories, thus making it more accessible to patients [10][12]. Challenges Ahead - Despite its potential, in vivo CAR-T therapy faces challenges such as delivery efficiency, dosage control, and long-term safety, which require further clinical validation [11][12]. - The complexity of the human body poses risks in ensuring that the viral or LNP carriers deliver the intended effects without adverse reactions [11][12]. Future Outlook - Industry experts predict that within 3-5 years, the first in vivo CAR-T product may receive approval, potentially coexisting with traditional CAR-T therapies and becoming a mainstream treatment option [12][13]. - The ongoing advancements in research and clinical trials are expected to address current challenges, making in vivo CAR-T therapies more accessible and affordable for patients in the near future [13].