GILD News & Events

Clear Street says that Gilead's (GILD) up to $2.2B acquisition of Ouro Medicines' sole asset OM336 underscores the potential of Cullinan Therapeutics' (CGEM) velinotamig. This M&A serves as external validation of BCMA as a target for autoimmune diseases and its ability to show benefit across multiple indications, the firm says. Notably, these indications differ meaningfully from those pursued with CD19 x CD3 bispecifics. This strategic separation in development paths curbs cannibalization risk for Cullinan Therapeutics' CD19 x CD3 TCE, CLN-978, and reinforces the incremental valuation contribution of maintaining both assets in the pipeline, Clear Street adds. The firm has a Buy rating on Cullinan Therapeutics with a price target of $33.

Galapagos (GLPG) announced that, following Gilead's (GILD) entering into an agreement to acquire Ouro Medicines, Galapagos and Gilead are in advanced partnership discussions. "As Galapagos established a relationship with Ouro this past year, we have been impressed with the emerging clinical profile of gamgertamig, its clinically de-risked lead program, and the capability of the Ouro team," said Henry Gosebruch, CEO of Galapagos. "This is an exciting day in the transformation of Galapagos. We look forward to finalizing our discussions with Gilead and, at the appropriate time, providing additional information regarding the gamgertamig clinical program, along with further describing the proposed improved financial partnership terms and the meaningful flexibility in our relationship with Gilead." The arrangements between Galapagos and Gilead are contemplated to include the following terms: Galapagos would pay 50% of the upfront consideration and 50% of any contingent milestone payments payable to Ouro Medicines' shareholders; Galapagos would absorb substantially all of Ouro Medicine's operating assets and retain all Ouro Medicine employees to develop the assets; Galapagos and Gilead would collaborate on the development of OM336, with Galapagos responsible for development costs through initiation of registrational studies. Registrational study costs would be shared equally between the parties; Gilead would retain sole worldwide commercialization rights and Gilead would pay Galapagos royalties of 20%-23% of net sales; Amended legacy Galapagos option license and collaboration agreement to allow for up to $500M of current cash to be used freely by Galapagos, including up to $150M for potential share repurchases.

Gilead Sciences "announced it has entered into a definitive agreement to acquire Ouro Medicines, a privately held biotechnology company focused on developing T cell engager therapies for autoimmune diseases. The acquisition adds OM336 (gamgertamig), a clinical-stage BCMAxCD3 T cell engager, to Gilead's growing inflammation portfolio. OM336 is designed to enable rapid and deep B cell depletion following a limited subcutaneously administered treatment course. In ongoing Phase 1/2 clinical studies, OM336 has demonstrated transformative efficacy and a differentiated safety profile after a single treatment cycle in severe antibody-mediated orphan diseases including autoimmune hemolytic anemia and immune thrombocytopenia. Gamgertamig has been granted both Fast Track and Orphan Drug Designation by the U.S. FDA for the treatment of AIHA and ITP and is expected to enter registrational studies in 2027. Under the terms of the agreement Gilead will acquire all of the outstanding equity of Ouro Medicines for a total of $1,675 million in upfront cash consideration, subject to customary adjustments, which is payable at closing, and up to $500 million in contingent milestone payments... Gilead is currently in advanced discussions with Galapagos with respect to a potential research and development collaboration on the acquired Ouro Medicines assets. The arrangement between Gilead and Galapagos is contemplated to include the following key terms: Galapagos would pay 50% of the upfront consideration and 50% of any contingent milestone payments payable to Ouro Medicines' shareholders. Galapagos would absorb substantially all of Ouro Medicines' operating assets and retain its employees. Gilead and Galapagos would collaborate on the development of OM336, with Galapagos responsible for development costs through initiation of registrational studies. Registrational study costs would be shared equally between the parties."

Gilead Sciences "announced it has entered into a definitive agreement to acquire Ouro Medicines, a privately held biotechnology company focused on developing T cell engager therapies for autoimmune diseases. The acquisition adds OM336 (gamgertamig), a clinical-stage BCMAxCD3 T cell engager, to Gilead's growing inflammation portfolio. OM336 is designed to enable rapid and deep B cell depletion following a limited subcutaneously administered treatment course. In ongoing Phase 1/2 clinical studies, OM336 has demonstrated transformative efficacy and a differentiated safety profile after a single treatment cycle in severe antibody-mediated orphan diseases including autoimmune hemolytic anemia (AIHA) and immune thrombocytopenia (ITP). Gamgertamig has been granted both Fast Track and Orphan Drug Designation by the U.S. FDA for the treatment of AIHA and ITP and is expected to enter registrational studies in 2027."