Gilead agreed to acquire PepStar Therapeutics’ oral IL-23 receptor inhibitor program, including the Phase 1 asset HCXT-2001, in a deal valued at $1.275 billion upfront. Gilead will gain worldwide rights to the oral macrocyclic peptide and is positioning it as a differentiated daily option for inflammatory bowel disease. Gilead said HCXT-2001 is designed as an oral IL-23 pathway blockade, potentially complementing or combining with Gilead’s broader inflammation portfolio, including emvistegrast. The company framed the move as expanding its inflammation and immunology pipeline with a new modality aimed at improving unmet needs. For PepStar, the acquisition marks a fast translation step for an early-stage oral biologic-like program; for Gilead, it adds a systemic but patient-convenience-focused alternative in a crowded IL-23-targeting market.