Gilead Sciences has announced a definitive agreement to acquire Ouro Medicines, a privately held biotech company focused on developing T-cell engager (TCE) therapies for autoimmune diseases.[1][2] The total transaction value is up to $2.2 billion, including $1.675 billion in upfront cash, subject to standard adjustments, and up to $500 million in contingent milestone payments.[1][2] The acquisition will strengthen Gilead's inflammation portfolio with the addition of gamgertamig, which has shown efficacy after one cycle of treatment in ongoing phase 1/2 trials in severe antibody-mediated orphan diseases such as autoimmune hemolytic anemia and immune thrombocytopenia.[2] Gamgertamig has received Fast Track and Orphan Drug designation from the FDA for the treatment of these conditions and is expected to enter registration studies in 2027.[2] Gilead plans a strategic collaboration with Galapagos on the Ouro portfolio, where Galapagos will pay 50% of the initial payment and milestones, assume most of the operating costs until registration studies begin, and then share them equally.[1] Gilead will retain exclusive worldwide commercialization rights, except for Greater China, where Keymed Biosciences has them, and will pay Galapagos royalties of 20-23% of net sales.[1] This is Gilead's second major acquisition in a month, following the purchase of Arcellx for an implied value of $7.8 billion in February 2026.[1]