Gilead to buy Germany's Tubulis for $3.15 billion upfront, up to $5 billion total

Gilead agreed to buy Munich-based Tubulis, a developer of antibody-drug conjugates, for $3.15 billion in cash at closing plus up to $1.85 billion in milestones. The lead asset, TUB-040, is in Phase 1b/2 testing in platinum-resistant ovarian cancer and non-small cell lung cancer. The deal adds an ADC platform that could later compete with and extend Trodelvy.

• Upfront cash $3.15 billion, payable at closing
• Milestones up to $1.85 billion; total potential value up to $5 billion
• Lead asset TUB-040 in Phase 1b/2 for platinum-resistant ovarian cancer and NSCLC
• Closing expected in the second quarter of 2026