Gilead agreed to acquire PepStar Therapeutics’ oral IL-23R inhibitor program for $1.275 billion upfront, securing global rights to HCXT-2001, an oral macrocyclic peptide currently in Phase 1. The transaction underscores Gilead’s push to expand its inflammation and immunology portfolio with an oral modality aimed at improving patient convenience. Gilead positioned HCXT-2001 as a potentially differentiated approach to daily IL-23 pathway inhibition, including possible future combinations. The deal also expands the strategic rationale by targeting a validated immunology pathway with an oral route, a format competing against other IL-23-directed programs in development. PepStar characterized the acquisition as a milestone, pointing to Gilead’s development and global capabilities. Financial terms were structured as a large upfront cash payment at closing, with additional milestones contingent on development and commercialization progress.