Gilead to Acquire Tubulis for Up to $5 Billion

Gilead Sciences announced on Tuesday an agreement to acquire Munich-based biotech firm Tubulis GmbH for up to $5 billion, aiming to enhance its oncology portfolio with advanced antibody-drug conjugate technologies.

The deal includes an upfront cash payment of $3.15 billion upon closing, with an additional $1.85 billion in potential milestone payments tied to development and regulatory achievements. Gilead plans to finance the transaction using existing cash reserves and new senior unsecured notes, with the acquisition expected to close in the second quarter of 2026. After the deal, Tubulis will operate as an ADC research organization within Gilead.

Tubulis specializes in antibody-drug conjugates, precision therapies that deliver chemotherapy directly to cancer cells while sparing healthy tissue. The company's lead candidate, TUB040, is in Phase 1b/2 clinical trials for platinum-resistant ovarian cancer and non-small cell lung cancer. Another program, TUB030, targets various solid tumors. The acquisition builds on a two-year collaboration between the companies and grants Gilead access to Tubulis's next-generation ADC platform. Tubulis also maintains a separate partnership with...