Gilead Acquires PepStar Oral IL-23R Inhibitor Pipeline Including HCXT-2001 for $1.275 Billion Upfront

Gilead has entered a definitive agreement with PepStar to acquire its oral IL-23R inhibitor pipeline, including HCXT-2001, for an upfront payment of $1.275 billion, with closing expected in Q4 2026. The deal departs from the traditional structure of a low upfront payment plus milestones and sales royalties, and the source cites it as an example of a single-asset exit without selling the biotech company itself.