What a $2B Narrative Looks Like
July 1, 2025
When AbbVie acquired Capstan Therapeutics for $2.1 billion this week, they weren’t just buying a clinical-stage biotech. They were buying conviction and a compelling story, well told.
Capstan’s science is real, no doubt: in vivo cell programming using RNA, focused on immunology. But what stood out to me wasn’t just the technology. It was the Capstan story.
At K7 Communications, I use my proprietary Signal Score™ framework to analyze and compare narratives for leading biotech and other healthcare companies. As part of my narrative benchmarking earlier this year, I ran Capstan’s Signal Score (they’re not a client), and it earned the highest score I’ve seen so far (91 out of 100, in case you’re wondering).
That’s not a coincidence. It’s a case study.
Here’s what a $2B narrative looks like:
1. Clear Modality. Clear Mechanism.
Capstan didn’t hide behind “platform” or “revolutionizing healthcare” language. They said exactly what they do:
“Targeted in vivo cell programming with RNA.”
It’s sharp and specific. Just a few words that explain everything you need to know.
2. Tight Focus, with Room to Expand
Capstan’s narrative focuses on their lead program in immunology, but leaves space for growth. It’s an excellent balance of credibility and vision. That’s where value lives.
3. Measurable Mission
“Multiply the therapeutic possibilities for patients.”
No hype here. No “transformational toolkit” or “delivering innovative solutions.” Just a focused, measurable, investor-ready mission with patient outcomes at the center. (Without saying “patients are at the center of everything we do.” Because everyone says that.)
4. Confident Simplicity
Everything Capstan says was built to be understood. They didn’t dumb it down, they tightened the language. You could take their boilerplate, drop it into a $100M Series B pitch, or a JP Morgan fireside chat, and it would hold up.
5. Identity Through Action
Their narrative didn’t just describe their pipeline. It defined who they are:
“A diverse team of experts integrating advancements in CAR-T, mRNA, and LNPs.”
That’s good storytelling, and smart positioning. And it works for Capstan because it’s precise, direct, and grounded in the real mechanics of its platform. It’s a perfect contrast to the more generic, non-specific language we often see across healthcare.
Capstan didn’t win attention because they talked the loudest. They won because they knew who they were, and they said it clearly. That’s what high-signal narratives do. They align leadership. They clarify execution.
And, sometimes, they create billion-dollar outcomes.
Capstan’s Signal Score™: Here’s what I found when I assessed Capstan’s narrative earlier this year: the highest score I’ve recorded to date, with clear strengths across narrative dimensions.
At K7 Communications, I help healthcare teams define and pressure-test their strategic narrative. Part diagnostic, part compass, the Signal Score™ is designed to uncover what’s working, what’s missing, and how your story compares to peers.
Want to see what your Signal Score looks like?
Let’s talk.
