- Capstan sale ranks as the largest ever payment for an early-stage private biotech company by upfront consideration value and is Forbion’s seventh consecutive >$1B exit.
- Capstan’s in vivo CAR-T platform offers a first-in-class approach to treating autoimmune diseases, aligning with AbbVie’s strategic focus in immunology.
Naarden, the Netherlands – June 30, 2025 – Forbion, a leading European life sciences venture capital firm, announces its fifth exit from its Forbion Growth Opportunities Fund II and its seventh consecutive exit with an upfront value exceeding USD 1 billion. Definitive agreements have been signed for the sale of its portfolio company Capstan Therapeutics to AbbVie Inc. (NYSE: ABBV) for a total cash consideration of USD 2.1 billion, subject to standard antitrust approvals. The transaction is expected to close in September 2025. This landmark transaction represents the highest value ever paid for an early-stage, private biotech company, placing Capstan ahead of previous Forbion investments Mariana Oncology (2024) and Numab Yellow Jersey (2024).
Capstan Therapeutics is a clinical-stage biotechnology company pioneering the in vivo engineering of cells via targeted lipid nanoparticles (tLNPs). Its lead candidate, CPTX2309, is a first-in-class tLNP-delivered anti-CD19 CAR therapy being developed to treat B cell-mediated autoimmune diseases. The company’s groundbreaking platform enables direct in vivo reprogramming of CD8+ T cells without the need for preconditioning or ex vivo manufacturing, paving the way for scalable, off-the-shelf CAR-T therapies.
This transaction is a testament to the power of disruptive science paired with experienced company building. We were compelled by Capstan’s transformative technology and are proud to have supported the company to this historic transaction.
Nanna Lüneborg
PhD, MBA, General Partner at Forbion
The acquisition will allow AbbVie to integrate Capstan’s innovative RNA and tLNP platform into its world-class immunology pipeline and bring potentially curative therapies closer to patients suffering from autoimmune diseases.
Forbion invested in Capstan through its Growth Opportunities Fund II, which focuses on investing in late-stage private companies with strong clinical and commercial potential. Today’s news further underscores the fund’s strategy of backing differentiated, high-impact science capable of redefining patient care and delivering outsized returns.
Read the company release here.