For a drug still in Phase 1 clinical trials, Gilead Sciences is paying $1.275bn in cash upfront, a deal it expects to cut its Q4 2026 GAAP and non-GAAP EPS by about $0.79 to $0.83. The oral IL-23R inhibitor program, led by HCXT-2001, comes from PepStar Therapeutics Limited, a privately held, clinical-stage biotechnology company, and gives Gilead worldwide rights. Gilead announced the agreement on 22 October 2026 and expects it to close in the fourth quarter. The release does not describe any milestone or other contingent payments.
- Upfront cash consideration, payable at closing1.275 $bn
- Expected reduction in Q4 2026 GAAP and non-GAAP EPS0.79-0.83 $ per share
- Development stage of HCXT-2001Phase 1
- Expected closingQ4 2026
- Deal value
- 1.28 $bn upfront
- Paid in
- Cash
- Expected to close
- Q4 2026
Conditions
- Certain customary closing conditions
- Upfront cash is subject to customary adjustments and payable at closing
as of 22 October 2026. Sources below.
HCXT-2001 is an investigational oral macrocyclic peptide inhibitor of IL-23R with an extended half-life, currently in Phase 1 clinical trials, according to Gilead. It was originally developed by PepStar. Its safety and efficacy have not been established, and it has not been approved by any regulatory authority. Gilead describes IL-23R as a clinically validated target in immune-mediated inflammatory diseases, including inflammatory bowel disease (IBD), with potential applications in psoriasis.
“We see potential for HCXT-2001 alone or in combination, including with emvistegrast, as a daily oral treatment for people living with IBD.”
- Gilead Sciences, Gilead to Acquire Investigational Oral IL-23R Inhibitor HCXT-2001, Strengthening Its Inflammation Pipeline in IBD (press release), 22 Oct 2026, 22:05 CEST
- Gilead Sciences investor relations press release feed (publication time), 22 Oct 2026, 22:05 CEST