Gilead Sciences agreed on 7 April to acquire Tubulis, a private Munich-based developer of antibody-drug conjugates, for US$3.15bn in cash upfront and up to US$1.85bn in further payments tied to milestones.
Why Gilead Sciences, Inc. is buying Tubulis GmbH
Gilead said the deal significantly expands its ADC capabilities by adding next-generation assets and conjugation platforms. The lead programme, TUB-040, targets NaPi2b and carries a topoisomerase-I inhibitor payload; it is in Phase 1b/2 development for platinum-resistant ovarian cancer and non-small cell lung cancer. Gilead also gains TUB-030, a 5T4-targeted ADC.
“The agreement to acquire Tubulis is a significant milestone in Gilead's progress in oncology.”
Deal terms and financing
Gilead is buying all outstanding equity on a cash-free, debt-free basis, subject to customary adjustments, and financed the upfront payment with cash on hand and senior unsecured notes. Tubulis continues as a dedicated ADC research unit within Gilead, with its Munich site as a hub for the work.
Regulatory approvals and timing
The deal was subject to the expiry of regulatory waiting periods and was completed on 21 May 2026, within the second-quarter timetable.
Market context
The purchase followed Gilead's acquisitions of Arcellx in February and Ouro Medicines in March, and a two-year collaboration between Gilead and Tubulis.
