Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the acquisition of Capstan Therapeutics by AbbVie for up to $2.1 billion, focusing on in vivo CAR-T therapy development [6][15] - The report emphasizes the growing interest and investment in in vivo CAR-T technology, with multiple companies actively pursuing diverse delivery systems [7][26] - The pharmaceutical and biotechnology sector saw a weekly increase of 3.64%, outperforming the CSI 300 index by 2.1 percentage points, ranking 4th among 31 sub-industries [8][31] Summary by Sections 1. AbbVie Acquisition of Capstan - AbbVie announced the acquisition of Capstan Therapeutics for a maximum of $2.1 billion, focusing on in vivo CAR-T therapies [6][15] - Capstan's main asset, CPTX2309, is an RNA delivery candidate for anti-CD19 CAR-T therapy, currently in Phase I clinical trials [15][20] 2. MNC's Active Layout in In Vivo CAR-T Technology - MNC has been actively investing in in vivo CAR-T technology through collaborations and acquisitions, focusing on both lentiviral and lipid nanoparticle delivery systems [7][26] - The report notes that over 20 disclosed mRNA technology projects in in vivo CAR-T are primarily concentrated in the lipid nanoparticle direction [22][30] 3. Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector increased by 3.64% in the first week of July, outperforming the CSI 300 index [31] - Among sub-sectors, other biological products saw the highest increase of 8.28%, while medical equipment experienced the largest decline of 0.21% [35][36] 4. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and others [9]

Core Insights - AbbVie is actively enhancing its deal-making efforts to strengthen its pipeline, focusing on immunology while also exploring early-stage deals in oncology and neuroscience [2][4] Group 1: Recent Acquisitions - AbbVie signed a definitive agreement to acquire Capstan Therapeutics for nearly $2.1 billion, expected to close in Q3, which will add a first-in-class CAR-T therapy and proprietary RNA delivery platform to its immunology pipeline [3][11] - The company has completed over 20 early-stage deals since last year, including a long-acting amylin analog for obesity from Gubra, marking its entry into the obesity treatment space [4][11] - Recent larger acquisitions include ImmunoGen, adding the ovarian cancer drug Elahere, and Cerevel Therapeutics, diversifying AbbVie's therapeutic portfolio across multiple modalities [5][11] Group 2: Market Context and Competitors - Broader macroeconomic concerns have impacted deal-making, but major pharmaceutical companies continue to pursue strategic assets in key growth areas [7] - Eli Lilly announced its intent to acquire Verve Therapeutics for up to $1.3 billion, marking its third targeted M&A deal this year, indicating a selective M&A strategy focused on long-term strength across therapeutic areas [8] - Sanofi's $9.5 billion acquisition of Blueprint Medicines aims to strengthen its immunology pipeline and reduce reliance on Dupixent, showcasing ongoing consolidation in the industry [9] Group 3: Financial Performance and Valuation - AbbVie shares have outperformed the industry year to date, trading at a P/E ratio of 14.42, slightly below the industry average of 14.86, but higher than its five-year mean of 12.46 [10][13] - The Zacks Consensus Estimate for AbbVie's 2025 EPS has increased from $12.26 to $12.28, while the estimate for 2026 remains at $14.06 [14]

政策动向 和黄医药宣布小分子联合疗法在中国获批 近日，和黄医药宣布，沃瑞沙（ORPATHYS，赛沃替尼/ savolitinib）和泰瑞沙（TAGRISSO，奥希替尼/ osimertinib）的联合疗法的新药上市申请获中国国家药品监督管理局（NMPA）批准，用于治疗表皮生 长因子受体（EGFR）基因突变阳性经EGFR酪氨酸激酶抑制剂（TKI）治疗后进展的伴MET扩增的局部 晚期或转移性非鳞状非小细胞肺癌患者。 资本市场 两部门发文支持创新药高质量发展 7月1日，国家医保局召开新闻发布会介绍《支持创新药高质量发展的若干措施》。其中，从加大创新药 研发支持力度、支持创新药进入基本医保药品目录和商业健康保险创新药品目录、支持创新药临床应 用、提高创新药多元支付能力、强化保障措施等5个方面提出16条具体措施，全链条支持创新药发展。 国家医保局价采中心副主任王小宁表示，中国的创新药产业已经由引进模仿转向了创新输出，为世界提 供了守卫生命健康的中国方案。2024年，中国药企完成了超过90笔海外授权的交易，总金额超过了500 亿美元。未来，国家医保局将支持更多有条件的地区发挥区位优势，搭建创新药交易平台，加强国际推 广。 ...

Key Takeaways AbbVie is acquiring Capstan Therapeutics for up to $2.1B to expand its immunology portfolio. The acquisition adds CPTX2309, a phase I in vivo CAR-T therapy for autoimmune diseases, to AbbVie's pipeline. Capstan's CellSeeker tLNP platform enables RNA delivery to engineer specific cell types inside the body.AbbVie (ABBV) announced that it has entered into a definitive agreement to acquire privately held biotech, Capstan Therapeutics, for up to $2.1 billion in cash.The impending acquisition wil ...

日前， 艾伯维 （AbbVie） 宣布 全力进军 in vivo CAR-T 市场，将斥资 21 亿美元现金 收购 Capstan Therapeutics ，以期将一款处于 1 期临床实验阶段的自 身免疫疾病候选 invivo CAR-T 细胞疗法 （ CPTX2309 ） 纳入其研发管线。 撰文丨王聪 编辑丨王多鱼 排版丨水成文 创立于 2022 年的 Capstan 公司，致力于通过在体内 （ in vivo ） 而非体外重新编程 T 细胞，从而清除阻碍 CAR-T 细胞疗法普及面临的制造和可扩展性方面 的挑战，且患者在治疗前无需接受淋巴细胞清除化疗。 Capstan 公司创立始于 2022 年初的一篇论文。 体内生成 CAR-T 细胞，治疗心脏损伤 2022 年 1 月 6 日，宾夕法尼亚大学的研究人员在 Science 期刊发表了题为： CAR T cells produced in vivo to treat cardiac injury 研究论文 【1】 ，开发了一 种 在体内原位生成 CAR-T 细胞的新技术 （ in vivo CAR-T） ，通过 注射脂质纳米颗粒 （LNP） 递送 mRN ...

Capstan's lead asset, CPTX2309, is a targeted lipid nanoparticle (tLNP) that delivers an mRNA encoding an anti-CD19 chimeric antigen receptor (CAR) to CD8-expressing cytotoxic T cells in vivo, and is a potential first-in-class product for treating B cell-mediated autoimmune diseases Proposed acquisition strengthens AbbVie's commitment to transforming the future of patient care with Capstan's innovative tLNP platform technologyNORTH CHICAGO, Ill. and SAN DIEGO, June 30, 2025 /PRNewswire/ -- AbbVie (NYSE: AB ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 2022 年初，宾夕法尼亚大学的研究人员在 Science 期刊发表了一篇重磅研究论文 【1】 ，开发了一种 在体内原位生成 CAR-T 细胞的新技术 （ in vivo CAR- T） ，通过 注射脂质纳米颗粒 （LNP） 递送 mRNA，在体内重编程 T 细胞，使其识别心脏纤维化细胞，从而治疗心脏纤维化疾病。该方法类似于 mRNA 疫 苗，仅需简单注射，就能在体内生成 CAR-T 细胞疗法，有望解决当前 CAR-T 细胞疗法工艺复杂、周期长、价格高昂等关键难题。 不久后，该团队创立了一家名为 Capstan Therapeutics 的公司， 致力于将 in vivo CAR-T 技术应用于癌症、自身免疫疾病及纤维化疾病的治疗，该公司目前以 获得来自多家制药巨头及风投机构的 3.4 亿美元融资。该公司的 创始团队包括 Carl June （CAR-T 细胞治疗先驱） ， Drew Weissman （诺奖得主、mRNA 技 术奠基人） ， Jonathan Epstein （ in vivo CAR-T 技术发明人） 。 2025 年 6 月 11 日， Capst ...