Gilead agreed to acquire PepStar Therapeutics’ oral IL-23R inhibitor program, paying $1.275 billion for global rights to HCXT-2001. The asset is currently in Phase I trials, and Gilead positioned it as a potentially differentiated, oral approach to inhibit the IL-23 pathway for inflammatory bowel disease. The deal adds modality diversification to Gilead’s inflammation pipeline and aims to build combinations, including pairing with emvistegrast, with the goal of creating a daily oral regimen for patients with IBD. PepStar said it is a major milestone for the company. For the industry, the transaction is another sign that large pharma is continuing to consolidate oral immune-modulating assets as competition intensifies in IBD and adjacent inflammatory indications.