Gilead acquires Tubulis for up to 5 billion US dollars

The US biotech group Gilead Sciences is acquiring the Munich-based biotech company Tubulis. The deal has a total volume of up to USD 5 billion, consisting of an upfront payment of USD 3.15 billion and up to USD 1.85 billion in performance-based milestone payments.

The acquisition expands Gilead's oncology pipeline and extends its capabilities in antibody-drug conjugates (ADCs), a promising class of advanced cancer therapies.

Strategic expansion of ADC technology

The acquisition gives Gilead access to an advanced ADC platform from Tubulis. This enables a more targeted delivery of drugs to tumors and is expected to improve efficacy while reducing side effects.

The focus is on two drug candidates in particular:

• TUB-040: An ADC for the treatment of ovarian cancer and other solid tumors, currently in clinical phase 1b/2
• TUB-030: Another ADC candidate with promising initial clinical data in various tumor types

CEO Daniel O'Day describes the acquisition as an important milestone in the expansion of the oncology pipeline. The collaboration with Tubulis over the past two years has already created great confidence in the technology and the team.

Highest valuation for HTGF

HTGF accompanied Tubulis from the pre-founding phase through to clinical development, made a significant investment in Series A 2020 and supported growth in further financing rounds, including the largest investment to date by the HTGF Opportunity Growth Fund. The exit marks HTGF's highest valuation to date and the third unicorn exit in the life sciences portfolio.

We started our relationship with Tubulis when the renaissance of the ADC-field had just started and always believed in the potential of the Tubulis platform. Today's acquisition by Gilead validates both the platform's strength and the team's strong execution.

Dr. Frank Hensel, Principal at HTGF

Munich becomes innovation hub for ADC research

Following completion of the transaction, Tubulis will remain an independent research unit within Gilead. The Munich site will be developed into a central innovation hub for ADC technologies.

Tubulis CEO Dominik Schumacher sees the acquisition primarily as an opportunity for scaling:"Together with Gilead, we can translate our technologies into medicines for patients worldwide more quickly."

Billion-euro deal to strengthen cancer research

The transaction is expected to be completed in the second quarter of 2026, subject to regulatory approvals. Gilead is financing the deal with existing cash and bonds.

With the acquisition, the company is consistently pursuing its strategy of expanding oncology as a key growth area - particularly through innovative technologies such as ADCs, cell therapies and targeted drugs.