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]

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 ...