California-based Gilead Sciences has announced a landmark deal to acquire Tubulis, a Munich-based biotechnology company specializing in the development of next-generation antibody-drug conjugates (ADCs), for $5 billion ($3.15 billion upfront and up to $1.85 billion in milestone payments).
The acquisition, expected to close in the second quarter of 2026, significantly expands Gilead’s presence in the red-hot ADC field and bolsters its oncology pipeline with innovative assets designed to address high unmet needs in cancer care.
A Strategic Investment
The acquisition builds on a two-year collaboration between Gilead and Tubulis, during which Gilead gained access to Tubulis’ proprietary platforms and partnered on an ADC program. The latest deal is a natural progression for Gilead, which has been actively pursuing strategic acquisitions, including the recent $7.8 billion agreement for Arcellx and a $1.67 billion deal for Ouro Medicines. CEO Daniel O’Day has emphasized that Gilead is approaching dealmaking from a ‘position of strength,’ leveraging its resources to secure differentiated oncology assets. ‘
In the development of ADCs, Tubulis stands out for its focus on reducing toxicity and expanding the therapeutic window—a key differentiator, as several competitors have struggled with adverse effects or modest efficacy in solid tumor settings.
“Bringing this potential into Gilead … further expands what is already the strongest and most diverse pipeline in our company’s history,” O’Day said.
Tubulis’ Leading Edge
Tubulis brings to Gilead its leading ADC technology platforms, including Tubutecan, a proprietary linker-payload technology developed by Tubulis for antibody-drug conjugates (ADCs), designed to deliver the topoisomerase I inhibitor exatecan specifically to tumor cells while minimizing systemic toxicity, and Alco5, a phosphoramidate-based, proprietary linker platform designed to create stable Antibody-Drug Conjugates (ADCs) by linking antibodies to structurally diverse alcohols.
Both technology platforms have been used to develop promising candidates, such as TUB-040, a highly homogeneous, hydrophilic topoisomerase I inhibitor ADC targeting sodium-dependent phosphate transport protein 2b (NaPi2b), a surface receptor overexpressed in ovarian cancer and non-small cell lung adenocarcinoma, and TUB-030.
Tubulis’ flagship asset, TUB-040, is currently in Phase 1b/2 trials for platinum-resistant ovarian cancer and non-small cell lung cancer (NSCLC). In recent studies, TUB-040 reported a 59% overall response rate in platinum-resistant ovarian cancer, fueling plans to rapidly advance into pivotal trials and expand into additional tumor types. [1]
Another candidate, TUB-030, targets 5T4, an oncofetal antigen (trophoblast glycoprotein) overexpressed in a wide range of solid tumors and present in minimal amounts in normal or healthy adult tissues. This investigational agent has shown encouraging early clinical data across several solid tumor types. These programs, along with Tubulis’ robust pipeline, complement Gilead’s existing oncology expertise and assets, including the anti-TROP-2 ADC sacituzumab govitecan (Trodelvy®; Gilead), acquired through the $21 billion Immunomedics deal in 2020.
“Accessing novel technologies is critical to advancing our pipeline,” noted Flavius Martin, MD, Gilead’s Executive Vice President of Research. “We are excited to partner with Tubulis to explore a range of solutions that may help increase the therapeutic value of the ADC modality.”
Industry Context and Differentiation
The ADC sector is highly competitive, with leading pharmas such as Bristol Myers Squibb (BMS) also collaborating with Tubulis—BMS paid $23 million upfront, with over $1 billion in potential milestones, in April 2023. Meanwhile, other ADC developers have faced setbacks: ADC Therapeutics dropped its lead candidate due to unfavorable risk-benefit data, and Pyxis Oncology’s candidate showed only modest efficacy.
Tubulis’ approach—leveraging proprietary conjugation technologies to improve the stability, selectivity, and tolerability of ADCs—has been validated by strong preclinical and early clinical results. Both Roche and Mersana Therapeutics have previously halted NaPi2b-targeted ADC programs, underscoring the significance of TUB-040’s progress.
The Road Ahead
Upon completion of the transaction, Tubulis will operate as a dedicated ADC research organization within Gilead, maintaining its Munich site as an innovation hub. The integration is expected to accelerate the clinical development of Tubulis’ lead programs and drive further advancements in next-generation ADC design and manufacturing.
“From the outset, we believed our conjugation technology platforms could have a broad impact across the ADC field, and the initial data from TUB-049 have reinforced that conviction,” said Dominik Schumacher, Ph.D., CEO and Co-founder of Tubulis at the start of the initial collaboration with Gilead in 2024.
“Gilead has established a long track record of developing drugs that provide a significant step-up in therapeutic value, making them a great collaborator for leveraging our technology platforms, in line with our vision of fundamentally changing the ADC landscape,” Schumacher said.
“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,” he added.
The deal is being financed with a combination of cash on hand and senior unsecured notes. Centerview Partners LLC and Allen & Company LLC are advising Gilead, while J.P. Morgan Securities LLC is the exclusive advisor to Tubulis.
Analyst Perspective
Industry analysts are bullish on the acquisition. According to analysts, including RBC Capital Markets, the acquisition of Tubulis represents a bold, strategically sound move to address Gilead’s growth needs in its oncology pipeline while securing differentiated next-gen ADC platform capabilities. By integrating Tubulis’ advanced ADC technology and pipeline, Gilead is positioned to deliver innovative treatments to patients facing some of the most challenging forms of cancer, while strengthening its standing as a leader in oncology drug development.
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Clinical trials
FiH Study to Investigate Safety, PK and Efficacy of the NaPi2b ADC TUB-040 in Patients With PROC or r/r Adenocarcinoma NSCLC (NAPISTAR1-01)
ClinicalTrials.gov ID NCT06303505
First in Human Study of TUB-030 in Patients With Advanced Solid Tumors – ClinicalTrials.gov ID NCT06657222
Highlights of prescribing information
Sacituzumab govitecan (Trodelvy®; Gilead)[Prescribing Information]
Reference
[1] Vogl AM, Schmitt S, Mai I, Machui P, Herterich S, Leonardi N, Cyprys P, Hauswald D, Ochtrop P, Kozlowska I, Kitowski A, Gerlach M, Waldmann F, Marcq O, Trail PA, Schumacher D, Fingerle-Rowson GR, Hock B, Kasper MA, Helma J. TUB-040, a Homogeneous and Hydrophilic NaPi2b-Targeting ADC with Stably Linked Exatecan, Exhibits Long-lasting Antitumor Activity and a Well-Tolerated Safety Profile. Mol Cancer Ther. 2025 Nov 3;24(11):1685-1700. doi: 10.1158/1535-7163.MCT-25-0254. PMID: 40667801; PMCID: PMC12580765.
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