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<p>安全性、耐用性和可擴展性是推動細胞和基因治療領域投資決策的主要因素，行業代表表示。圖片來源：Jam Bensilum / GlobalData。</p>
<p></p>
<p>隨着對創新體內策略的信心增強，一些投資者表示，這些策略可能是細胞和基因治療（CGT）領域的未來。</p>
<p>在最近幾個月，體內嵌合抗原受體（CAR）-T 領域發生了幾筆高調交易。上個月，百時美施貴寶收購 了 Orbital Therapeutics，交易金額為 15 億美元，緊接着在 9 月，吉利德科學收購 了 Interius BioTherapeutics，交易金額為 3.5 億美元。在 7 月，AbbVie 收購了 Capstan Therapeutics，其體內 CAR-T 療法的交易金額高達 21 億美元。</p>
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<p>在 2025 年 11 月 20 日舉行的 GenScript 生物科技全球論壇上，Sofinnova Partners 的 Matthieu Coutet 表示，製藥公司和投資者正在向 CGT 領域的體內方法轉變。Coutet 補充説，如今，製藥公司對投資自體細胞治療公司的興趣非常有限。</p>
<p>儘管熱情高漲，體內基因治療仍處於初期階段，人體數據有限，RA Capital Management 的合夥人 Laura Stoppel 表示。</p>
<p>Stoppel 表示，她對自身免疫疾病的同種異體方法持 “謹慎樂觀” 態度，因此 RA Capital Management 正在該領域進行投資，但仍需要更多數據。</p>
<p>談到自身免疫疾病時，她表示：“我認為這是一個同種異體治療實際上有潛力與自體細胞治療的療效相匹配的地方，尤其是當你不需要這些細胞的長期持久性時。”</p>
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<p>安全性仍然是 CGT 領域的一大障礙，系統性療法使投資者保持謹慎。</p>
<p>儘管如此，專家表示，CGT 在傳統腫瘤學領域之外仍有擴展的空間。例如，眼科被確定為藥物開發的關鍵領域。BioGeneration Ventures 的普通合夥人 Daniela Couto 強調，Complement Therapeutics 正在研究乾性年齡相關性黃斑變性（AMD）和地理性萎縮（GA），這是一個在 “巨大適應症” 中滿足未滿足需求的可投資 CGT 生物科技的例子。</p>
<p>“如果我們能做到一次性基因治療，我們將改變治療地理性萎縮患者的方式，” 她説。小組成員還描述了投資者和製藥公司對局部給藥基因治療的青睞。</p>
<p>投資者考慮的另一個因素是替代治療選擇的可用性。隨着成本效益高的 T 細胞連接劑的發展，Couto 表示，投資細胞治療變得困難。她補充説，投資者主要傾向於原位給藥方式，因為其成本和生產複雜性。</p>
<p>此外，Stoppel 強調，生物科技公司在製造能力方面的準備和投資是投資時考慮的關鍵因素。她還表示，需要更多創新來優化製造流程。</p>
<p><em>《製藥技術》上的細胞與基因治療報道由 Cytiva 支持。</em></p>
<p><em>編輯內容獨立製作，遵循</em> 最高標準 <em>的新聞誠信。主題贊助商不參與編輯內容的創作。</em></p>
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百時美施貴寶

吉利德科學

GENE

<p>投資者越來越關注細胞和基因治療（CGT）領域的新技術，特別是體內 CAR-T 療法。最近的高調收購包括百時美施貴寶以 15 億美元收購 Orbital Therapeutics，以及吉利德科學以 3.5 億美元收購 Interius BioTherapeutics。儘管充滿熱情，體內基因治療仍處於早期階段，且人類數據有限。安全性、可擴展性和製造能力是關鍵的投資考慮因素。專家們認為，CGT 在腫瘤學之外的擴展潛力巨大，眼科被認為是一個有前景的領域</p>

<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2025/11/Genscript-2025-430x241.jpg" alt="" original-src="https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2025/11/Genscript-2025-430x241.jpg"/></p>
<p>Safety, durability and scalability are some of the main factors driving investment decisions in the cell and gene therapy space, say industry representatives. Image credit: Jam Bensilum / GlobalData.</p>
<div class="lb-trans"><p>安全性、耐用性和可擴展性是推動細胞和基因治療領域投資決策的主要因素，行業代表表示。圖片來源：Jam Bensilum / GlobalData。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>As confidence grows for innovative in vivo strategies, some investors are saying they could be the future of the cell and gene therapy (CGT) sector.</p>
<div class="lb-trans"><p>隨着對創新體內策略的信心增強，一些投資者表示，這些策略可能是細胞和基因治療（CGT）領域的未來。</p>
</div><p>In recent months, several high-profile deals have taken place within the in vivo chimeric antigen receptor (CAR)-T space. Last month, Bristol Myers Squibb acquired Orbital Therapeutics for $1.5bn, shortly after Gilead Sciences bought Interius BioTherapeutics for $350m in September. In July, AbbVie acquired Capstan Therapeutics and its in vivo CAR-T therapy for up to $2.1bn.</p>
<div class="lb-trans"><p>在最近幾個月，體內嵌合抗原受體（CAR）-T 領域發生了幾筆高調交易。上個月，百時美施貴寶收購 了 Orbital Therapeutics，交易金額為 15 億美元，緊接着在 9 月，吉利德科學收購 了 Interius BioTherapeutics，交易金額為 3.5 億美元。在 7 月，AbbVie 收購了 Capstan Therapeutics，其體內 CAR-T 療法的交易金額高達 21 億美元。</p>
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</div><h4>LOA and PTSR Model - Gene Therapy For Gastrointestinal Tract Cancer...</h4>
<div class="lb-trans"><h4>胃腸道癌症的基因治療 - LOA 和 PTSR 模型...</h4>
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</div><p>During a panel discussion on innovation and investment at the GenScript Biotech Global Forum London 2025 held on 20 November, Matthieu Coutet from Sofinnova Partners said pharma and investors are moving towards in vivo approaches in the CGT space. Coutet added that these days, pharma are showing very little interest in investing in autologous cell therapy companies.</p>
<div class="lb-trans"><p>在 2025 年 11 月 20 日舉行的 GenScript 生物科技全球論壇上，Sofinnova Partners 的 Matthieu Coutet 表示，製藥公司和投資者正在向 CGT 領域的體內方法轉變。Coutet 補充説，如今，製藥公司對投資自體細胞治療公司的興趣非常有限。</p>
</div><p>Despite the enthusiasm, in vivo gene therapy is still in its infancy with limited data in humans, said Laura Stoppel, partner at RA Capital Management.</p>
<div class="lb-trans"><p>儘管熱情高漲，體內基因治療仍處於初期階段，人體數據有限，RA Capital Management 的合夥人 Laura Stoppel 表示。</p>
</div><p>Stoppel said she is “cautiously optimistic” about allogeneic approaches in autoimmune disease, and hence RA Capital Management is investing in the space, but more data is still needed.</p>
<div class="lb-trans"><p>Stoppel 表示，她對自身免疫疾病的同種異體方法持 “謹慎樂觀” 態度，因此 RA Capital Management 正在該領域進行投資，但仍需要更多數據。</p>
</div><p>Speaking about autoimmune diseases she said: “I think that’s a place where allogeneic actually has the potential to match the efficacy of autologous cell therapy, especially if you don’t need long term persistence of these cells.”</p>
<div class="lb-trans"><p>談到自身免疫疾病時，她表示：“我認為這是一個同種異體治療實際上有潛力與自體細胞治療的療效相匹配的地方，尤其是當你不需要這些細胞的長期持久性時。”</p>
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<div class="lb-trans"><p>不要讓政策變化讓你措手不及。通過實時數據和專家分析保持主動。</p>
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</div><p>Safety also remains a hurdle in the CGT space, with systemic therapies prompting investor caution.</p>
<div class="lb-trans"><p>安全性仍然是 CGT 領域的一大障礙，系統性療法使投資者保持謹慎。</p>
</div><p>Nonetheless, experts said there is scope to expand beyond the traditional fields of oncology with CGTs. For example, ophthalmology was identified as a key area for drug development. Daniela Couto, general partner at BioGeneration Ventures, highlighted Complement Therapeutics’ investigation in dry age-related macular degeneration (AMD) and geographic atrophy (GA) as an example of an investable CGT biotech working in an area of unmet need in a “huge indication”.</p>
<div class="lb-trans"><p>儘管如此，專家表示，CGT 在傳統腫瘤學領域之外仍有擴展的空間。例如，眼科被確定為藥物開發的關鍵領域。BioGeneration Ventures 的普通合夥人 Daniela Couto 強調，Complement Therapeutics 正在研究乾性年齡相關性黃斑變性（AMD）和地理性萎縮（GA），這是一個在 “巨大適應症” 中滿足未滿足需求的可投資 CGT 生物科技的例子。</p>
</div><p>“If we could do a gene therapy, one and done, we would change the way we’re treating patients with geographic atrophy,” she said. Panellists also described favourability among investors and pharma for locally administered gene therapies.</p>
<div class="lb-trans"><p>“如果我們能做到一次性基因治療，我們將改變治療地理性萎縮患者的方式，” 她説。小組成員還描述了投資者和製藥公司對局部給藥基因治療的青睞。</p>
</div><p>Another factor that investors are considering is the availability of alternate treatment options. With the development of cost-effective T-cell engagers, Couto said it is difficult to justify investing in cell therapies. She added that investors are largely drawn towards in situ delivery modalities, due to cost and complexity of production.</p>
<div class="lb-trans"><p>投資者考慮的另一個因素是替代治療選擇的可用性。隨着成本效益高的 T 細胞連接劑的發展，Couto 表示，投資細胞治療變得困難。她補充説，投資者主要傾向於原位給藥方式，因為其成本和生產複雜性。</p>
</div><p>In addition, Stoppel highlighted that a biotech’s preparedness and investment in manufacturing capabilities is a key aspect of consideration when investing. She also said there is a need for more innovation to optimise manufacturing processes.</p>
<div class="lb-trans"><p>此外，Stoppel 強調，生物科技公司在製造能力方面的準備和投資是投資時考慮的關鍵因素。她還表示，需要更多創新來優化製造流程。</p>
</div><p><em>Cell &amp; Gene Therapy coverage on Pharmaceutical Technology is supported by Cytiva</em>.</p>
<div class="lb-trans"><p><em>《製藥技術》上的細胞與基因治療報道由 Cytiva 支持。</em></p>
</div><p><em>Editorial content is independently produced and follows the</em> highest standards <em>of journalistic integrity. Topic sponsors are not involved in the creation of editorial content.</em></p>
<div class="lb-trans"><p><em>編輯內容獨立製作，遵循</em> 最高標準 <em>的新聞誠信。主題贊助商不參與編輯內容的創作。</em></p>
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<div class="lb-trans"><h2>製藥技術卓越獎 - 參賽的好處</h2>
</div><p>Gain the recognition you deserve! The Pharmaceutical Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving pharmaceutical advancements. Don’t miss your chance to stand out—submit your entry today!</p>
<div class="lb-trans"><p>獲得應有的認可！製藥技術卓越獎 表彰創新、領導力和影響力。通過參賽，您展示了自己的成就，提升了行業形象，並將自己定位於推動製藥進步的頂尖領導者之中。不要錯過脱穎而出的機會——今天就提交您的參賽作品！</p>
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投資者押注於更新的技術和細胞與基因療法的跡象