Gilead Makes A THIRD Large M&A Move, In Three Elapsed Months: Total Committed Outlays Now Over $11.2 Billion

Mr. O’Day is getting quite… acquisitive, it seems. He is widening the moat around his franchises, too.

He agreed to pay $7.8 billion for Arcellx, and $1.67 billion for Ouro, in successive moves — and now up to $5 billion for Tubulis, if all milestones are hit. That’s some serious coin. But the company can easilty afford it, with the twice a year HIV jabs now on market, and commanding very high prices. Here’s Fierce Biotech, on it all (I am a day or two tardy, here — as events in Iran were distracting me):

…Gilead has struck a deal to buy Germany-based Tubulis for $3.15 billion upfront and up to $1.85 billion in milestones, securing an antibody-drug conjugate (ADC) candidate that is racing toward pivotal trials.

Tubulis partnered with Gilead in 2024, granting the company access to its platforms and agreeing to collaborate on an ADC program. Gilead paid $20 million and committed $415 million in milestones for that collaboration, which came about 18 months after Bristol Myers Squibb paid $22.7 million to team up with Tubulis. Flying high in the hot ADC field, Tubulis raised a €344 million ($401 million) series C round last year….

And with Tangerine 2.0 again barking bellicose, I will re-run this graphic at lower right. Damn.

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