Gilead Sciences has agreed to acquire Tubulis, a Munich, Germany-based clinical-stage bio/pharmaceutical company developing antibody-drug conjugates (ADCs), in a deal worth up to $5 billion ($3.15 billion upfront and $1.85 billion in milestone payments). 

The acquisition will expand Gilead’s ADC capabilities by adding assets and platforms designed to deliver diverse payloads to solid tumors. Tubulis’ lead asset, TUB-040, is currently in Phase Ib/II development for treating platinum-resistant ovarian cancer and non-small cell lung cancer. It is a NaPi2b-directed topoisomerase-I inhibitor ADC. Gilead will also acquire TUB-030, a 5T4-targeted ADC, which has initial clinical data across various solid tumor types. 

Under the agreement, Gilead will acquire all of the outstanding equity of Tubulis for $3.15 billion in upfront cash consideration on a cash-free, debt-free basis, subject to customary adjustments, which is payable at closing, and up to $1.85 billion 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. 

Following the close of the transaction, Tubulis will operate as a dedicated ADC research organization within Gilead, with the Munich site serving as a hub for ADC innovation, building on its integrated discovery, manufacturing and clinical capabilities to advance ADCs. 

Source: Gilead Sciences