医药生物 2025 年 10 月 12 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-10 2025-02 2025-06 医药生物 沪深300 相关研究报告 《关注基药目录调整，首推方盛制药 —行业周报》-2025.9.28 《减重赛道全球前沿进展跟踪（三）： 新风口之小核酸药物有望破局千亿美 金市场—行业点评报告》-2025.9.25 《原料药公司加速创新药布局，AI+ 医疗布局逐步深化—行业深度报告》 -2025.9.24 体内 CAR-T 交易迭起，关注国内投资机会 ——行业周报 | 余汝意（分析师） | 余克清（分析师） | 巢舒然（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | chaoshuran@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790123110015 | 近期全球达成多项体内 CAR-T 重磅交易，国内蕴藏较大机会 体内 CAR-T 正凭借其独 ...

Core Insights - The in vivo CAR-T therapy market is rapidly gaining traction, with significant mergers and acquisitions by major multinational corporations (MNCs) indicating a strategic shift towards this innovative treatment approach [1][2][3] - The advancements in delivery vector technologies are driving the development of in vivo CAR-T therapies, with a focus on improving targeting efficiency and safety [3][4] Group 1: Mergers and Acquisitions - AstraZeneca acquired EsoBiotec for $1 billion to enhance its in vivo CAR-T therapy portfolio [1][2] - AbbVie announced the acquisition of Capstan Therapeutics for up to $2.1 billion, marking a significant investment in the in vivo CAR-T space [1][2] - Gilead's Kite acquired Interius for $350 million, further expanding its capabilities in cell therapy [1][2] Group 2: Technology Platforms - EsoBiotec's core technology is the engineered nanobody lentivirus (ENaBL) platform, which enhances the specificity of immune cell transfection [4] - Interius utilizes a lentiviral vector to deliver CAR genes, generating CAR-T and CAR-NK cells directly in vivo for targeting B-cell malignancies [3][4] - The mRNA-LNP (lipid nanoparticle) delivery system is gaining attention for its safety profile, allowing for transient CAR expression without permanent genetic modification [7][8] Group 3: Clinical Developments - EsoBiotec's product ESO-T01 has shown promising clinical trial results for multiple myeloma, indicating potential effectiveness in treating relapsed or refractory cases [15][17] - Capstan Therapeutics' candidate CPTX2309 is currently in Phase I trials for autoimmune diseases, showcasing the therapeutic potential of the LNP delivery approach [8][9] Group 4: Industry Trends - The shift from ex vivo to in vivo CAR-T therapies is reshaping the ecosystem, with increased collaboration among technology partners and a focus on delivery efficiency [3][6] - The reliance on upstream CXO (Contract Research Organization) services is significant, with over 65% of CGT (Cell and Gene Therapy) projects involving CXO participation [6][12] - The industry is witnessing a dual approach, with companies like AbbVie investing in both lentiviral and mRNA-LNP technologies to mitigate risks associated with single technology pathways [16][17]