Ouro Medicines sold to Gilead Sciences for $2.18bn

BY Richard Summerfield

Gilead Sciences has agreed to acquire biotech firm ​Ouro ​Medicines in ‌a ⁠deal worth ​up ​to $2.18bn. The deal will see Gilead bolster its cell therapy pipeline by acquiring a company focused on developing T cell engager therapies for autoimmune diseases.

Under the terms of the deal, Gilead will acquire all of the outstanding equity of Ouro Medicines, just less than $1.7bn in cash when the deal closes, and a further $500m once certain clinical trial milestones are hit. Closing of the transaction is subject to expiration or termination of certain regulatory filings and other customary conditions.

The deal is Gilead’s second biotech acquisition in around a month following its $7.8bn takeover of Arcellx. It also represents Gilead’s latest push to diversify away from its mainstay of HIV and cancer medicines by adding a novel treatment with huge potential to treat autoimmune diseases.

“This acquisition underscores our commitment to advancing transformative therapies for people living with serious autoimmune diseases,” said Dietmar Berger, chief medical officer of Gilead. “BCMA is a validated target with emerging data demonstrating potentially transformative outcomes in autoimmune diseases. BCMA targeted T cell engagers represent a differentiated approach with the potential to induce durable disease control. This novel framework complements our expanding inflammation pipeline and reflects our strategy to invest in innovative science that may redefine standards of care.”

Ouro, which was launched last January by GSK and Monograph Capital with $120m in funding, is developing gamgertamig (OM336), a BCMA/CD3-targeting bispecific T cell engager, for ex-China markets. It licensed the asset from Keymed Biosciences for $16m upfront. The US Food and Drug Administration has granted OM336 both ‘fast track’ and ‘orphan drug designation’ for these indications. Registrational studies are expected to begin in 2027.

“From the outset, we saw the potential for gamgertamig to redefine the standard of care for immune-mediated diseases,” said Jaideep Dudani, co-founder and chief executive of Ouro Medicines. “Since then, we’ve taken meaningful steps to advance that vision, with multiple trials now underway. With support from Gilead and Galapagos, we can build on the strong early foundation – leveraging a proven track record in late stage development, launch, and commercialization to accelerate our programs and help deliver on the promise gamgertamig holds for patients with immune-mediated diseases, following our initial collaboration with Keymed Biosciences.”

As part of the deal, Gilead is in discussions with biotech company Galapagos for a potential research and development collaboration on the Ouro portfolio. Under the potential arrangement, Galapagos would cover development costs until registrational studies, retain Ouro’s employees and co-develop OM336 with Gilead. Gilead would maintain worldwide commercialisation rights, excluding Greater China, where Keymed Biosciences holds rights, and would pay Galapagos royalties on net sales.

The deal is the latest notable transaction in the biotech dealmaking space, which has seen significant activity in recent months. The wider pharmaceutical industry is contending with hundreds of billions of dollars of medicines coming off patents over the next few years, which has helped drive activity.

Gilead has been particularly active in the dealmaking space. Since Daniel O’Day, the company’s current chief executive, took control, Gilead has largely focused its dealmaking strategy on acquisitions that boost its oncology portfolio, including its $21bn purchase of Immunomedics in 2020 and $4.3bn takeover of CymaBay Therapeutics in 2024.

News: Gilead to buy biotech firm Ouro Medicines in over $2 billion deal

Ecolab acquires CoolIT Systems in $4.75bn deal

BY Fraser Tennant

In one of the largest-ever Canadian tech takeovers, water treatment solutions company Ecolab is to acquire data centre cooling specialist CoolIT Systems for $4.75bn in cash.

The acquisition accelerates Ecolab’s sales growth by significantly expanding its global high-tech growth engine from $5bn to $10bn, creating an end to end fluid management and cooling platform for artificial intelligence (AI) data centres.

The deal has been agreed amid a broader trend of industry consolidation driven by high demand for data centre infrastructure, with companies seeking to expand their capabilities to address growing requirements for power and specialised cooling solutions.

“AI is transforming the demands on data centres,” said Christophe Beck, chairman and chief executive of Ecolab. “And one of the critical technologies that makes advanced computing possible is liquid cooling.”

By combining CoolIT’s anchor thermal engineering technologies and design excellence with Ecolab’s expertise in water, chemistry, fluid management, digital monitoring and global service, Ecolab is bolstering its cooling as a service offering – a solution that helps AI data centres improve performance, reduce downtime and lower water use across their operations.

“This acquisition expands our role in serving the AI ecosystem – semiconductor fabrication plants that manufacture chips, power plants that fuel the chips and data centres that utilise the chips – and positions Ecolab as the partner that the world’s largest technology companies rely on to grow responsibly and sustainably,” added Mr Beck.

With 48,000 associates and customers across more than 170 countries and 40 industries, Ecolab helps protect one‑third of the world’s food production and a quarter of the power generated while delivering innovative solutions across food, healthcare, data centres, microelectronics, life sciences and hospitality.

Owned by funds managed by global investment firm KKR, Calgary-based CoolIT ⁠designs and manufactures liquid cooling systems used by hyperscale and colocation operators. Its customers include chipmakers such as Nvidia ​and Advanced ​Micro Devices. With more than 25 years of experience, CoolIT’s technology helps the world’s largest hyperscale and colocation operators run more efficiently and reliably.

The acquisition is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions.

Mr Beck concluded: “Bringing together CoolIT’s engineered cooling technologies with Ecolab’s expertise in water, chemistry and digital service provides our customers with a complete cooling solution that improves performance and reliability, while reducing water and energy use.”

News: Ecolab to buy CoolIT for $4.75 billion to tap into AI data center boom

PSA acquires NSA in $10.5bn deal

BY Fraser Tennant

In a move that creates a massive self-storage entity, self-storage company Public Storage (PSA) is to acquire its smaller rival National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5bn.

Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership units for each NSA share or unit they own, representing a total consideration of $41.68 per share based on PSA’s closing share price on 13 March 2026.

The acquisition of NSA is fuelled by PS Next, PSA’s next-generation operating model, and aided by the combination of PSA’s scaled omnichannel digital-first platform, advanced data science and exceptional talent to improve the financial profile of NSA’s assets.

The combined company is expected to have a pro forma equity market capitalisation of approximately $57bn and total enterprise value of approximately $77bn.

“This transaction will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence and enhance our long-term per share growth profile,” said Tom Boyle, incoming chief executive of PSA. “We look forward to welcoming NSA’s team and customers to our industry-leading platform.”

A real estate investment trust headquartered in Greenwood Village, Colorado, NSA is one of the largest owners and operators of self-storage properties among public and private companies in the US. Its portfolio includes more than 1000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico.

“This outcome reflects the incredible transformation we have undertaken over the past few years to refocus our portfolio, enhance operations and drive growth,” said David Cramer, chief executive of NSA. “This transaction with PSA follows a thorough process overseen by our board of trustees and will deliver a meaningful premium to NSA investors and enable our shareholders and operating partnership unitholders to participate in the significant value creation upside of this combination.”

Both companies’ boards of trustees have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to the approval of NSA equity holders and satisfaction of other customary closing conditions.

Mr Boyle concluded: “By applying our PS Next operating model to NSA’s portfolio, we see meaningful opportunity to enhance the customer experience, drive financial upside and create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self-storage operating cycle.”

News: Public Storage to buy National Storage Affiliates in $10.5 billion deal

Servier acquires cancer biotech Day One in $2.5bn deal

BY Fraser Tennant

In a deal that expands its brain tumour treatment portfolio, French drugmaker Servier is to acquire US-based Day One Biopharmaceuticals for approximately $2.5bn.

Under the terms of the definitive agreement, Servier will acquire Day One for $21.50 per share in cash, a premium of 68 percent to the stock’s last close. Servier expects to fund the transaction through existing cash and investments.

Upon completion, the acquisition will reinforce Servier’s position in oncology targeted therapies in line with its 2030 ambition to develop innovative treatments for patients with high unmet medical needs. It will also strengthen Servier’s portfolio and expand its oncology pipeline with programmes ranging from early stage to phase three.

Importantly, the deal gives Servier access to Day One’s Ojemda, the only ⁠US Food and Drug Administration-approved monotherapy for pediatric low-grade glioma, the ​most common form of brain tumor in children. Ojemda was approved in 2024 in patients whose tumors progressed after prior treatment. ‌It ⁠is now being tested as a first-line therapy, with trial results expected in the second half of 2027.

“This transaction reflects our long-term commitment to investing in science that can make a meaningful difference for patients,” said Olivier Laureau, president of Servier. “It is fully aligned with our 2030 ambition, and we believe that combining our expertise will accelerate innovation for people living with a rare cancer.”

According to Day One, Servier’s dedication to the rare disease community preserves the patient-first mindset that has defined Day One and driven its deep commitment to the communities it serves.

“Servier's successful track record in rare cancers and its commitment to advancing targeted therapies makes it the ideal home for our portfolio as part of Day One’s mission to bring medicines to patients of all ages with life threatening diseases,” said Jeremy Bender, chief executive of Day One. “Joining Servier represents a unique opportunity to extend the reach of our science and our lead program in pediatric low-grade glioma.”

The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2026.

Mr Laureau concluded: “The acquisition of Day One Biopharmaceuticals marks another decisive step in strengthening Servier’s position in rare oncology.”

News: Servier to buy Day One Biopharma for $2.5 billion in tumor treatment push

Gilead Sciences acquires Arcellx in $7.8bn deal

BY Fraser Tennant

In its largest deal since 2020, US biopharmaceutical company Gilead Sciences is to acquire cancer therapy developer Arcellx for approximately $7.8bn.

Under the terms of the definitive agreement, Gilead will pay $115 per share in cash at the deal's closing, which is at a premium of 79 percent to the stock's last close. The agreement also includes one contingent value right of $5 per share.

Since 2022, Kite, a Gilead company, and Arcellx have had an existing collaboration to co-develop and co-commercialise Arcellx’s lead pipeline candidate, anito-cel, an investigational CAR T-cell therapy – a cancer treatment that uses a patient's own genetically modified immune cells to find and kill cancer cells – for patients with multiple myeloma, a type of blood cancer.

In clinical studies to date, anito-cel has demonstrated deep and durable responses with a predictable and manageable safety profile, addressing key challenges associated with current CAR T-cell therapies in multiple myeloma.

The US Food and Drug Administration (FDA) is currently reviewing the therapy, with a decision expected by 23 December 2026. Upon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and thereafter.

“This agreement reflects our conviction in the potential of anito-cel and our intention to move with speed so we can make the most of that potential for patients with multiple myeloma,” said Daniel O’Day, chairman and chief executive of Gilead Sciences. “Anito-cel could become a foundational treatment for multiple myeloma over time, including earlier lines of therapy.”

In addition to anito-cel, Arcellx’s D-Domain CAR technology platform has generated proprietary, target-binding domains with improved specificity and enhanced binding affinity that could potentially be used for next-generation CAR T-cell and bispecific therapies.

“The story of Arcellx is one of innovation, passion, resilience and teamwork,” said Rami Elghandour, chairman and chief executive of Arcellx. “I could not be prouder of our team, our contribution to the myeloma field, and the impact anito-cel and our D-Domain platform are poised to have for patients and clinicians.

“We are fortunate to have found a world-class partner in Gilead, which has the expertise to carry forward Arcellx’s legacy,” he continued. “Kite is well-positioned to maximise access to anito-cel, benefiting more patients, and the company’s commitment to be the leader in cell therapy is one I admire.”

The transaction has been approved by both the Gilead and Arcellx boards of directors and is anticipated to close during the second quarter of 2026, subject to the satisfaction or waiver of customary closing conditions.

Mr Elghandour concluded: “I am grateful to our board of directors, our shareholders, our partners and the patients and physicians who participated in our studies, and most of all, our team members who did the impossible and left an indelible mark on the future of medicine.”

News: Gilead to acquire cancer therapy developer Arcellx for up to $7.8 billion