Gilead Sciences moved deeper into immunology by agreeing to acquire Ouro Medicines, a clinical-stage BCMA/CD3 bispecific developer, in a deal valued at about $2.17 billion. The acquisition centers on Ouro’s gamgertamig (also OM336/CM-336), which Gilead positions as an immune-reset approach for autoimmune diseases. The structure is front-loaded: Gilead will pay roughly $1.675 billion upfront (up to $2.175 billion including contingent payments) and is separately in “advanced discussions” with Galapagos to reposition the existing collaboration around gamgertamig post-close. Under the contemplated arrangement, Galapagos would contribute to development planning and commercialization execution while Gilead retains worldwide commercialization rights outside China. Analyst and investor focus will now shift to how quickly Gilead can convert early clinical signals from gamgertamig into late-stage registrational studies—expected to begin in 2027—while leveraging Gilead’s broader inflammation and cell therapy footprint.