Ouro Medicines Acquired by Gilead Sciences — Healthcare M&A

Gilead Sciences has entered into a definitive agreement to acquire Ouro Medicines in a deal valued at $1.675 billion upfront, with up to $500 million in additional milestone payments, for total consideration of about $1.7 billion. The strategic acquisition is designed to expand Gilead’s inflammation and immunology pipeline with Ouro’s lead asset, OM336 (gamgertamig), a BCMAxCD3 bispecific T cell engager in Phase 1/2 development for autoimmune diseases. The therapy is intended to deplete pathogenic B cells and plasma cells, aiming to support a more durable immune reset after a limited course of treatment.

Ouro Medicines is a clinical-stage biotech focused on T cell engager platforms for immune-mediated conditions, reflecting a broader industry shift toward redirecting patients’ immune systems rather than relying solely on chronic immunosuppression. OM336’s development program has received FDA Fast Track and Orphan Drug designations, and Gilead expects the asset to move into registrational studies in 2027, underscoring the company’s focus on advancing novel immunology modalities with potential to change treatment paradigms in severe antibody-mediated diseases.

The transaction is subject to customary regulatory approvals and closing conditions. Gilead is also in advanced discussions with Galapagos regarding development support: Galapagos would fund 50% of upfront and milestone payments and take on early operational responsibilities, including workforce absorption and development costs through initial stages, while Gilead would retain global commercialization rights except in Greater China, where Keymed Biosciences holds existing rights. Galapagos would receive royalties on net sales in the range of 20% to 23%.