Gilead Sciences has agreed to acquire German ADC specialist Tubulis for up to $5 billion, seeking to expand its antibody-drug conjugate platform with new linker and payload technologies. The deal includes $3.15 billion upfront plus up to $1.85 billion in milestone payments, with Tubulis’ Munich site set to operate as an ADC innovation hub after closing in 2Q26. Tubulis’ lead program, TUB-040, is a NaPi2b-directed topoisomerase-I inhibitor ADC in Phase Ib/II testing (NAPISTAR1-01) for platinum-resistant ovarian cancer and non-small cell lung cancer. The company also brings TUB-030, a 5T4-targeted ADC, alongside its conjugation, linker, and payload know-how—aimed at improving tumor selectivity and reducing off-target toxicity. The acquisition lands after Gilead’s recent buying spree that added CAR-T assets and autoimmune and ADC capabilities, signaling renewed emphasis on oncology platforms rather than single-asset bets. Analysts described the Tubulis move as both a therapeutic and technology expansion, with potential to extend ADC payload diversity across indications.