Gilead Sciences agreed on 23 March 2026 to acquire Ouro Medicines, a private San Francisco biotech, for US$1.675bn in cash upfront plus up to US$500m in contingent milestone payments.
Why Gilead Sciences, Inc. is buying Ouro Medicines
Ouro's gamgertamig is a BCMAxCD3 T cell engager designed to deplete B cells quickly and deeply over a limited course of subcutaneous dosing. It holds US Fast Track and Orphan Drug designations for autoimmune haemolytic anaemia and immune thrombocytopenia and is expected to enter registrational studies in 2027.
Deal terms and financing
Galapagos agreed to fund half of the upfront and milestone payments, absorb substantially all of Ouro's operating assets and employees, and fund development to the start of registrational studies, after which costs are shared. Gilead holds worldwide commercial rights outside Greater China, where Keymed Biosciences holds rights, and pays tiered royalties of 20%-23%.
Regulatory approvals and timing
Closing was subject to regulatory filings and customary conditions. Gilead and Lakefront Biotherapeutics, the renamed Galapagos, announced completion on 4 June 2026.
Market context
Analysts at Citi said the deal fits Gilead's push to diversify beyond HIV and complements the autoimmune work at its Kite unit. Ouro had licensed ex-China rights to gamgertamig from Keymed in January 2025.
