AstraZeneca agreed to pay up to $630 million to acquire the remaining China rights to C‑CAR031, an armored GPC3‑targeting CAR‑T developed with AbelZeta Pharma, giving AstraZeneca full global ownership. AbelZeta retains early‑stage clinical data; a China first‑in‑human study reported objective response rates of 56.5% across all doses and 75% at the highest dose, data the companies cited in their release. The acquisition consolidates AstraZeneca’s position in cell therapy for hepatocellular carcinoma (HCC) and reflects Big Pharma appetite for near‑clinical‑stage cell therapies in high‑unmet‑need solid tumors. AstraZeneca previously held ex‑China rights and had internal CAR‑T programs that were later discontinued, making this deal a strategic bet to capture global development and commercialization value. The transaction also underscores a broader M&A theme: targeted add‑ons for late‑stage or near‑readout assets in oncology rather than large‑scale platform buys. Commercial and regulatory execution in China will be a key watch item for investors and competitors.