EQT Life Sciences, the investment arm of EQT Corporation, announced that it has sold its minority ownership in German biopharma company Tubulis to Gilead Sciences for up to $5 billion. The transaction includes an upfront cash payment of $3.15 billion and up to $1.85 billion in milestone payments, subject to customary adjustments and regulatory approvals. The deal is expected to close in the second quarter of 2026.
The acquisition expands Gilead’s oncology portfolio beyond its HIV franchise, positioning the company to accelerate development of antibody‑drug conjugates (ADCs). Tubulis brings proprietary conjugation platforms—Tub‑tag, P5 conjugation, and a Topoisomerase‑I inhibitor platform—along with clinical‑stage assets TUB‑040 (Phase 1b/2 ovarian and non‑small‑cell lung cancer) and TUB‑030. The Munich site will become a dedicated ADC research hub within Gilead’s global operations.
EQT Life Sciences is the investment arm of EQT Corporation, a major natural‑gas producer in the Appalachian Basin. EQT Life Sciences has a track record of backing transformative therapeutics and co‑led Tubulis’ Series B2 financing in 2024. Gilead has previously collaborated with Tubulis through a December 2024 option and license agreement, and has recently acquired Ouro Medicines and Arcellx, underscoring its push into next‑generation immunology and cell therapy.
The deal strengthens Gilead’s oncology pipeline and signals its continued commitment to expanding beyond its core HIV franchise into high‑growth therapeutic modalities. For EQT Life Sciences, the sale represents a successful exit from a minority stake, reinforcing its investment thesis of scaling early‑stage companies at inflection points. The transaction also reflects broader industry consolidation in the ADC space and aligns with investor interest in companies that can deliver next‑generation antibody‑drug conjugates.
Milestone payments are contingent on achieving predefined development and regulatory milestones, though the specific milestones have been kept confidential. The deal is expected to close in the second quarter of 2026, with regulatory approvals and customary adjustments remaining to be finalized.
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