Gilead to buy Ouro, plan Galapagos tie-up

Gilead Sciences was reported to be in talks to acquire Ouro Medicines, a privately held biotechnology company focused on T cell engager therapies for autoimmune diseases. Some reports put the deal value at up to $2.18 billion.

The companies said Gilead would acquire Ouro Medicines, but did not disclose specific financial terms such as the amount of any upfront cash or contingent milestone payments.

Closing of the transaction is subject to the expiration or termination of required regulatory filings and other customary closing conditions. The timing of completion was not specified and remains subject to these approvals.

The acquisition will add OM336 (gamgertamig), an investigational bispecific BCMAxCD3 T cell engager, to Gilead’s inflammation portfolio. OM336 targets BCMA-expressing plasma cells and is being developed for autoantibodies-driven immune-mediated diseases.

BCMA-targeted T cell engagers are being investigated as a precision approach for severe inflammatory and autoimmune diseases by eliminating pathogenic B cells and plasma cells. By redirecting a patient’s own T cells toward BCMA-expressing plasma cells, clinical data suggest these agents may reduce inflammation and improve organ-level disease.

In ongoing Phase 1/2 studies, OM336 has shown what the companies describe as 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 received Fast Track and Orphan Drug Designations from the U.S. Food and Drug Administration for the treatment of autoimmune hemolytic anemia and immune thrombocytopenia and is expected to enter registrational studies in 2027 under an open U.S. IND.

Gilead is in advanced discussions with Galapagos regarding a potential research and development collaboration on the acquired Ouro assets. Both companies emphasized that negotiations are ongoing and no final agreement has been reached.

According to the contemplated terms, Galapagos would fund 50% of the upfront consideration and 50% of any contingent milestone payments payable to Ouro’s shareholders. Galapagos would also absorb substantially all of Ouro’s operating assets and retain all Ouro employees.

Under the proposed structure, Galapagos would lead development of OM336 through initiation of registrational studies, bearing associated costs. Thereafter, registrational study expenses would be shared equally, while Gilead would retain sole worldwide commercialization rights outside Greater China, where Keymed Biosciences holds existing rights.

In return, Gilead would pay Galapagos royalties of 20% to 23% of net sales of OM336. The parties also contemplate amending their existing Option License and Collaboration Agreement to allow Galapagos to use up to $500 million of its current cash more flexibly, including up to $150 million for potential share repurchases.

Galapagos described the Ouro relationship as part of its broader transformation strategy, highlighting OM336’s emerging clinical profile and the capabilities of the Ouro team. The company plans to provide additional details if a formal collaboration agreement with Gilead is finalized.

Ouro Medicines, launched in 2025 and based in San Francisco, focuses on immune reset therapeutics aimed at durable remissions without ongoing immunosuppression, leveraging T cell engagers in B cell-mediated diseases.

Both Gilead and Galapagos cautioned that their press releases contain forward-looking statements subject to risks and uncertainties, including the possibility that the acquisition of Ouro or the proposed Galapagos collaboration may not be completed on the expected terms or at all.