The all-cash buyout, which gives AbbVie access to Capstan Therapeutics’ in vivo edited CAR T therapy for B cell–mediated autoimmune diseases, adds to a growing sense of momentum in M&A, according to BMO Capital Markets.
AbbVie continues its dealmaking spree, this time acquiring Capstan Therapeutics in a $2.1 billion cash deal for the biotech’s CAR T assets and technology.
The deal represents continuing energy in M&A, according to BMO Capital Markets. “Following the recent acquisition of Blueprint by Sanofi in early June, today’s deal adds to a growing sense of momentum, with acquisitions picking up, potentially buoying SMID-cap Biotech sentiment,” the analysts wrote in a note Monday morning.
The agreement hinges on two main properties: CPTX2309, the San Diego–based company’s in vivo edited CAR T therapy for B cell–mediated autoimmune diseases, and Capstan’s tLNP technology, which packages and delivers RNA to enable that in vivo editing. That tech pairs a lipid nanoparticle (LNP) containing RNA with a guide protein of some kind, like a monoclonal antibody, which delivers the LNP to specific cells in the body targeted for reprogramming.
“In vivo CAR-T represents a potential new treatment modality in medicine,” Capstan’s CEO Laura Shawver said in a statement announcing the deal, “embodying the transformative power of cell therapy with the accessibility and scalability of an off-the-shelf biologic.”
CPTX2309 is currently in a Phase I trial, for which Capstan announced on June 11 that it had dosed the first patients. Capstan is also developing a second in vivo CAR T, CPTX2506, for unannounced oncology and autoimmune diseases. The company is also working on a fibroblast target for immunology, oncology and fibrotic disorders.
In its note, BMO speculated that CPX2309 could target lupus, multiple sclerosis or rheumatoid arthritis, potentially stepping into the inflammation space left by Humira’s loss of exclusivity in 2022.
The AbbVie buyout is a rapid windfall for Capstan, which launched less than four years ago with $165 million in seed and series A fundraising, backed by the venture arms of a host of Big Pharmas, including Pfizer, Bayer, Eli Lilly, Bristol Myers Squibb and Novartis.
The deal to acquire Capstan is the fourth major deal AbbVie has made in the last four months, and the seventh in the last nine months or so. In May, AbbVie struck a potential multi-billion-dollar deal for an siRNA drug from ADARx Pharmaceuticals. That followed a March deal for an amylin drug from Gubra worth up to $2.2 billion and a February pact for a T cell engager from Xilio Therapeutics worth up to $2.1 billion.
