HTGF has announced that Gilead Sciences, Inc. (Nasdaq: GILD) has entered into a definitive agreement to acquire HTGF portfolio company Tubulis, a clinical-stage BioTech company developing next-generation antibody-drug conjugates (ADCs), building on Gilead’s oncology pipeline, focused on addressing areas of high unmet need. Gilead will acquire all of the outstanding equity of Tubulis for $3.15 billion in upfront cash consideration on a cash-free, debt-free basis, subject to customary adjustments, which is payable at closing, and up to $1.85 billion in contingent milestone payments.
HTGF, one of Europe’s leading and most active seed investors, has backed Tubulis from its pre-founding phase to clinical development. HTGF co-led the Series A in 2020 and supported Tubulis’ growth as a trusted partner and investor in follow-on rounds including the largest-ever HTGF Opportunity Growth Fund investment to date. The transaction marks HTGF’s highest-valued exit to date and the third unicorn exit in HTGF’s life sciences portfolio.
The acquisition significantly expands Gilead’s ADC capabilities by adding next-generation assets and platforms designed to more selectively deliver diverse payloads to tumors and maximize patient benefit. Tubulis’ lead asset, TUB-040, a NaPi2b-directed topoisomerase-I inhibitor (TOPO1i) ADC, is currently in Phase 1b/2 development for platinum-resistant ovarian cancer and non-small cell lung cancer (NSCLC). Gilead will also acquire TUB-030, a 5T4 targeted ADC, which has demonstrated promising initial clinical data across various solid tumor types as well as Tubulis’ next-generation ADC platform and a promising early pipeline. Tubulis’ programs and platforms have broad potential across multiple tumor types, complementing Gilead’s existing development and commercialization expertise in oncology.
Dr. Dominik Schumacher, CEO and Co-founder of Tubulis, said: “From the outset, we believed our conjugation technology platforms could have broad impact across the ADC field and the initial data from TUB-040 have reinforced that conviction. Joining Gilead allows us to build on this foundation within an organization that brings deep scientific expertise, global development capabilities, and the scale needed to translate innovation into medicines for patients worldwide. Through our existing collaboration, Gilead has already seen the potential of our technologies and together, we are well positioned to accelerate the development of our ADC pipeline. I’m deeply grateful to the Tubulis team, our Board of Directors, investors, and partners for their commitment and helping make this milestone possible.”
Following the closing of the transaction, Tubulis will operate as a dedicated ADC research organization within Gilead, with the Munich site serving as a hub for ADC innovation, building on its integrated discovery, manufacturing and clinical capabilities to advance next generation ADCs.
The HTGF Factor:
HTGF recognized Tubulis’s transformative potential very early, engaging with the founding team during the pre-founding phase. HTGF co-led the Series A round in 2020 and supported Tubulis‘ journey from early-stage platform development to clinical validation. With its largest growth investment to date via the HTGF Opportunity Growth Fund in the Series C in 2025, HTGF underscored its strong belief in the team’s innovative strength and global impact. This successful acquisition is a prime showcase of HTGF’s approach: early conviction, patient capital, and long-term partnership turning scientific vision into reality creating value for patients and investors.
Dr. Dominik Schumacher, CEO and Co-Founder of Tubulis: “HTGF was one of our earliest investors and supported us in shaping Tubulis during its formative years. Their continued partnership through all phases reflects the shared conviction in our mission and trusted relationship we have built. Investors who engage at such early stages and remain committed long-term are essential for the German and European BioTech ecosystem.”
Dr. Frank Hensel, Principal at HTGF: “We started our relationship with Tubulis when the renaissance of the ADC-field had just started and always believed in the potential of the Tubulis platform. When we co-led the Series A in 2020, we saw exceptional science and a bold vision. Today’s acquisition by Gilead validates both the platform’s strength and the team’s strong execution. We are incredibly proud of what the Tubulis Team has achieved.”
Dr. Bernd Goergen, Partner at HTGF: “Considering Tubulis‘ fantastic development leading to this acquisition, our claim ‚We believe in tech. We invest in people.‘ has received the nicest validation possible. From pre-founding conversations to this milestone, it has been a privilege to accompany this exceptional team. Thank you for letting us be part of this journey.”
Dr. Achim Plum, Managing Director at HTGF: “Tubulis is a prime example of our investment philosophy: building strong partnerships with exceptional founders and staying with them for the long run. This unicorn exit shows what happens when scientific excellence meets entrepreneurial drive. Real impact is created. We believe stories like Tubulis inspire founders across Europe to pursue bold scientific visions. It also gives us strong momentum as we prepare HTGF V, our next seed fund generation. Congratulations to the entire team on this outstanding achievement.”
Terms of the Transaction:
Under the terms of the sale and purchase agreement, Gilead will acquire all of the outstanding equity of Tubulis for $3.15 billion in upfront cash consideration on a cash-free, debt-free basis, subject to customary adjustments, which is payable at closing, and up to $1.85 billion in contingent milestone payments. Closing of the transaction is subject to expiration or termination of certain regulatory filings and other customary conditions. The transaction is expected to close in the second quarter of 2026. Gilead plans to finance the transaction with a combination of cash on hand and senior unsecured notes.
