Gilead announced it will acquire global rights to PepStar Therapeutics’ oral IL-23R inhibitor program, HCXT-2001, paying $1.275 billion in upfront cash at closing. HCXT-2001 is currently in Phase I testing and is positioned as an oral, IL-23 pathway inhibition strategy for inflammatory bowel disease. The deal structure includes customary adjustments to the upfront payment and additional milestones tied to development and commercialization, plus royalties. Gilead framed the acquisition as an expansion of its inflammation and immunology pipeline, with stated interest in HCXT-2001 alone or combined with other assets such as emvistegrast. Industry watchpoints include whether the oral modality yields differentiation on efficacy and safety versus existing IL-23 inhibitors and how quickly the program moves from Phase I into later trials.