Gilead agreed to acquire PepStar Therapeutics’ oral IL-23R inhibitor program, including HCXT-2001, in a deal valued at about $1.275 billion upfront. HCXT-2001 is a macrocyclic peptide in Phase 1 designed to inhibit IL-23 receptor signaling, with Gilead positioning it as a differentiated oral approach for inflammatory bowel disease. The transaction grants Gilead worldwide rights to the program and supports combinations, including potential pairing with Gilead’s emvistegrast. The company’s inflammatory pipeline strategy emphasizes modality complementarity as it competes against other oral IL-23 pathway efforts in IBD. PepStar’s founder and CEO described the pact as a milestone for advancing the asset with Gilead’s development and commercialization capabilities. Gilead also disclosed expected earnings impacts tied to the acquisition accounting. The deal signals continued premium pricing for early oral immunology candidates and intensifies the competitive race for convenient dosing in IBD.