EQT Life Sciences is divesting its minority stake in Tubulis to Gilead, which is acquiring the entire company in a deal valued at up to $5 billion.
The consideration consists of $3.15 billion in upfront cash, plus up to $1.85 billion in potential milestone payments.
The transaction is expected to close in the second quarter of 2026. EQT first invested in the company in 2024 and has supported the development of its ADC platform for cancer treatment.
Gilead Sciences, Inc. specializes in the development, manufacturing and marketing of therapeutic products. Net sales break down by source of income as follows:
- sale of drugs (98.2%): for the treatment of HIV (71.8% of net sales), oncology diseases (11.2%), hepatitis B virus (11.1%), Ebola virus (3.2%) and other (2.7%; primarily cytomegalovirus retinitis, and advanced Kaposi sarcoma resulting from HIV);
- other (1.8%): especially royalties and revenue from research and development services and from subcontracted production of therapeutic products.
Net sales are distributed geographically as follows: the United States (70.9%), Europe (17.2%) and other (11.9%).
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