Gilead acquires Germany-based ADC specialist Tubulis

The acquisition significantly expands Gilead’s ADC capabilities by adding next-generation assets and platforms designed to more selectively deliver diverse payloads to tumors and maximize patient benefit. Tubulis’ lead asset, TUB-040, a NaPi2b-directed topoisomerase-I inhibitor (TOPO1i) ADC, is currently in Phase 1b/2 development for platinum-resistant ovarian cancer and non-small cell lung cancer (NSCLC). Gilead will also acquire TUB-030, a 5T4 targeted ADC, which has demonstrated promising initial clinical data across various solid tumor types. Tubulis’ programs and platforms have broad potential across multiple tumor types, complementing Gilead’s existing development and commercialization expertise in oncology.

“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 Officer, 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, PhD, Chief Executive Officer 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. I’m deeply grateful to the Tubulis team, our Board of Directors, investors, and partners for their commitment and helping make this milestone possible.”

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 next generation ADCs.

Terms of the Transaction

Under the terms of the sale and purchase 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. Gilead plans to finance the transaction with a combination of cash on hand and senior unsecured notes.