Gilead agreed to acquire ADC specialist Tubulis in a deal valued at up to $5 billion, following multiple large transactions since late February. The acquisition includes $3.15 billion upfront plus up to $1.85 billion in milestones, and aims to deepen Gilead’s oncology ADC capabilities beyond its Trodelvy franchise. Tubulis’ pipeline includes the NaPi2b-directed topoisomerase-I inhibitor ADC TUB-040, currently in Phase Ib/II for platinum-resistant ovarian cancer and non-small cell lung cancer. The agreement also brings TUB-030, a 5T4-targeted ADC for multiple solid tumors, and integrates Tubulis’ conjugation, linker, and payload platform into Gilead’s ADC research organization based in Munich. Analysts and deal coverage highlight the strategic logic: linkers and payload platforms built to reduce off-target toxicity could be leveraged across additional therapeutic areas, while the clinical lead provides an immediate translation pathway.