Gilead Sciences announced a definitive agreement to acquire San Francisco-based Ouro Medicines in a deal worth up to USD 2.175 billion. The acquisition, which still requires customary regulatory approvals, will see Gilead add a potentially differentiated BCMAxCD3 bispecific T-cell engager (TCE) under development for autoimmune conditions. Alongside the Ouro announcement, Gilead states it is in “advanced discussions” with long-time partner Galapagos NV to co-develop Ouro’s portfolio.
In terms of the acquisition, Gilead will acquire all outstanding equity of Ouro Medicines for USD 1.675 billion in upfront cash plus up to USD 500 million in contingent milestone payments, for a combined potential deal value of USD 2.175 billion, subject to closing conditions.
Gilead’s discussions with Galapagos envisage forming a strategic collaboration on the acquired assets. If finalized, Galapagos would absorb 50% of both the upfront consideration and milestone payments, equating to around USD 837.5 million and up to USD 250 million respectively. Galapagos would take on substantially all of Ouro’s operating assets and employees, bear development costs through initiation of registrational studies, and share registrational costs equally with Gilead.
Of note, Ouro Medicines was launched in January 2025 with funding support from Monograph Capital, GSK, and others, built around its sole pipeline candidate, the BCMA/CD3 bispecific T-cell engager (TCE) OM336 (gamgertamig), in-licensed from China-based Keymed Biosciences. Keymed took a 15% stake in Ouro under that deal and will receive a pro rata USD 250 million in upfront cash, plus up to USD 70 million in additional milestone payments, as per a Keymed Hong Kong Stock Exchange announcement. The terms of Keymed’s license deal with Ouro will remain in place, with Gilead to hold worldwide commercialization rights outside Greater China and pay Galapagos royalties of 20% to 23% of net sales, with Keymed responsible for Greater China.
Gamgertamig’s auto-immune promise
The centerpiece of the deal is OM336, known as gamgertamig, a clinical-stage BCMAxCD3 bispecific TCE designed to achieve rapid and deep B cell and plasma cell depletion following a limited subcutaneously administered treatment course. The molecule redirects a patient’s endogenous T cells toward BCMA-expressing plasma cells, eliminating the pathogenic B cell populations that drive antibody-mediated autoimmune disease. This mechanism bypasses the need for ex vivo cell manufacturing required by CAR-T approaches, offering a potentially more scalable and accessible path to immune reset.
Ouro has published positive case reports for OM336 in autoimmune hemolytic anemia (AIHA) to the New England Journal of Medicine, while Phase I/II trials have been initiated for immune thrombocytopenic purpura (ITP) and AIHA. The US FDA has granted both Fast Track and Orphan Drug Designation for these indications, and the molecule is expected to enter registrational studies in 2027.
The distinction between BCMA-directed and CD19-directed B cell depletion is relevant. While CD19-targeted approaches deplete B cells broadly, BCMA-targeted agents such as OM336 also deplete long-lived plasma cells, which are the primary producers of pathogenic autoantibodies and are often resistant to conventional anti-CD20 therapies. This deeper depletion may enable more durable remissions in antibody-driven diseases.
Gilead’s autoimmune diseases strategy
The Gilead Ouro Medicines acquisition occurs within a period of sustained deal-making activity in bispecific antibodies and cell engagers targeting B cells for autoimmune diseases. Several transactions from 2024 and 2025 establish the valuation context. In 2024, Merck acquired global rights to CN201, a CD3×CD19 bispecific antibody from Curon Biopharmaceutical, for USD 700 million upfront and up to USD 1.3 billion total. In March 2026, UCB licensed ATG-201, a CD19/CD3 bispecific T cell engager from Antengene, in a deal valued at up to USD 1.18 billion. That same month, Sanofi acquired DR-0201, a CD20-directed bispecific myeloid cell engager from Dren Bio, for USD 600 million upfront and up to USD 1.9 billion, subsequently returning for a platform collaboration valued at up to an additional USD 1.7 billion. In June 2025, AbbVie acquired Capstan Therapeutics, an in vivo CAR-T company targeting CD19 and BCMA for autoimmune diseases, for USD 2.1 billion in cash. Cullinan Therapeutics licensed velinotamig, a BCMA/CD3 bispecific from Genrix Bio, in a deal valued at up to USD 712 million.
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