BY Richard Summerfield
Gilead Sciences has agreed to acquire Tubulis, a private, clinical-stage biotechnology company focused on developing next-generation antibody-drug conjugates (ADCs), in a deal worth around $5bn.
Under the terms of the sale and purchase agreement, Gilead will acquire all of the outstanding equity of Tubulis for $3.15bn in upfront cash consideration on a cash-free, debt-free basis, subject to customary adjustments, which is payable at closing, and up to $1.85bn in contingent milestone payments.
Closing of the transaction is subject to expiration or termination of certain regulatory filings and other customary conditions. The transaction is expected to close in the second quarter of 2026. Gilead plans to finance the transaction with a combination of cash on hand and senior unsecured notes.
“The agreement to acquire Tubulis is a significant milestone in Gilead’s progress in oncology. The company brings a clinical-stage candidate that is a potential new treatment for ovarian cancer, as well as a next-generation ADC platform and a promising early pipeline,” said Daniel O’Day, chairman and chief executive of Gilead Sciences. “Today’s agreement follows a two-year collaboration with Tubulis, which has given us strong conviction in their programs and research capabilities. Bringing this potential into Gilead would further expand what is already the strongest and most diverse pipeline in our company’s history.”
“From the outset, we believed our conjugation technology platforms could have broad impact across the ADC field and the initial data from TUB-040 have reinforced that conviction,” said Dominik Schumacher, chief executive and co-founder of Tubulis. “Joining Gilead allows us to build on this foundation within an organization that brings deep scientific expertise, global development capabilities, and the scale needed to translate innovation into medicines for patients worldwide. Through our existing collaboration, Gilead has already seen the potential of our technologies and together, we are well positioned to accelerate the development of our ADC pipeline.”
Upon completion of the deal, Tubulis will operate within Gilead as a dedicated ADC research organisation. With its Munich site serving as a hub for ADC innovation, the company will continue to build on its integrated discovery, manufacturing and clinical capabilities to advance next-generation ADCs.
Gilead has announced a number of notable deals in recent months, including the acquisition of Arcellx for up to $7.8bn in February, as well as a deal worth more than $2bn to acquire privately held biotech firm Ouro Medicines in March.
News: Gilead to buy Germany's Tubulis for up to $5 billion to boost cancer pipeline