Overview
- A definitive agreement announced Tuesday puts the price at up to $5.0 billion, with $3.15 billion in cash upfront and as much as $1.85 billion tied to milestones, and Gilead plans to fund the deal with cash and senior unsecured notes.
- Gilead will add Tubulis’ antibody‑drug conjugate platform and two lead programs, including TUB‑040 now in Phase 1b/2 trials for platinum‑resistant ovarian cancer and non‑small cell lung cancer.
- The acquisition also includes TUB‑030 and an early pipeline, and Tubulis’ Munich site will become Gilead’s hub for ADC research and development.
- Shares of Gilead fell about 1.37% after the announcement, and RBC raised its price target to $123 with a neutral rating as Cantor, UBS, and Deutsche Bank kept buy‑leaning targets up to $155.
- Antibody‑drug conjugates link a targeting antibody to a cell‑killing drug to deliver chemotherapy directly to tumor cells, which can limit damage to healthy tissue.