Gilead acquires German ADC specialist Tubulis in US$5bn deal

Analysts note that Gilead has been seeking to strengthen its pipeline in response to looming patent expiries and the associated multi-billion-dollar revenue losses. With this acquisition, Gilead is adding the Munich/Martinsried‑based Tubulis GmbH to its portfolio of recent strategic acquisitions. Tubulis specialises in antibody-drug conjugates (ADCs), particularly in the technically demanding process of linking cytotoxic payloads to antibodies. The transaction comprises an upfront payment of US$3.15bn in cash, along with potential milestone payments of up to US$1.85bn tied to further development progress. Despite earlier statements, following a record Series C financing round in October, that the company intended to advance its own pipeline independently, Tubulis ultimately accepted the offer, likely influenced in part by investor pressure.

The acquisition substantially expands Gilead’s ADC capabilities by adding next‑generation assets and platforms designed to deliver diverse payloads to tumours more selectively. Tubulis’ lead asset, TUB-040, a NaPi2b‑targeted topoisomerase‑I inhibitor (TOPO1i) ADC, is currently in Phase Ib/II development for platinum‑resistant ovarian cancer and non‑small cell lung cancer (NSCLC). With the deal also comes TUB‑030, a 5T4‑targeted ADC, which has shown promising early‑phase clinical activity across several solid tumour types. According to Gilead’s press release Tubulis’ programmes and proprietary platforms have broad potential across multiple indications and complement the group’s existing oncology development and commercialisation capabilities.

Following completion of the transaction, Tubulis is expected to continue operating as an independent ADC research and development unit within Gilead. The Munich site is anticipated to function as an innovation hub, leveraging integrated capabilities in discovery, development, manufacturing and clinical research to drive next‑generation ADC programmes.

“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, Chief Executive Officer and Co‑founder of Tubulis. “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.”