Tubulis (Gilead)
German ADC company whose NaPi2b ADC TUB-040 posted a 59% response rate in platinum-resistant ovarian cancer; Gilead agreed to buy it for up to $5B.
Raised a record €344M Series C (October 2025) after TUB-040 phase 1/2a data at ESMO 2025 (59% ORR in platinum-resistant ovarian cancer; also lung adenocarcinoma). Gilead announced an acquisition at $3.15B upfront plus up to $1.85B milestones, expected to close Q2 2026. Proprietary Tubutecan and P5 conjugation chemistries.
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