Gilead Sciences, Inc. has entered a definitive agreement to acquire an oral IL-23R inhibitor program, including lead asset HCXT-2001, from PepStar Therapeutics Limited.

Gilead is set to pay $1.275 billion in upfront cash consideration, subject to customary adjustments, payable at closing. The transaction is expected to close in the fourth quarter of 2026 and is projected to reduce Gilead’s GAAP and non-GAAP EPS by approximately $0.79 to $0.83 in that quarter.¹

HCXT-2001 is an investigational, clinical-stage, oral, macrocyclic peptide inhibitor of IL-23R with an extended half-life, currently in Phase I clinical trials, offering what Gilead describes as a potentially differentiated approach to oral IL-23 pathway inhibition.¹ IL-23R is a clinically validated target in immune-mediated inflammatory diseases, including inflammatory bowel disease (IBD), with potential applications in psoriasis. The deal gives Gilead worldwide rights to the program and adds to the company’s inflammation and immunology portfolio, where it is building depth across multiple mechanisms and modalities.¹

“HCXT-2001 adds a potentially differentiated oral approach to our growing inflammation pipeline, reflecting our commitment to addressing significant unmet patient needs,” says Dietmar Berger, MD, PhD, chief medical officer of Gilead. “We see potential for HCXT-2001 alone or in combination, including with emvistegrast, as a daily oral treatment for people living with IBD.”

Haibing Guo, founder and CEO of PepStar, frames the deal as validation of the company’s platform. “We are excited for Gilead to take HCXT-2001 forward and believe their scientific expertise and global development capabilities can help realize the full potential of this novel oral IL-23R inhibitor,” he says. “This transaction marks a major milestone for our company and underscores the strength of our proprietary oral peptide platform.”

Zymeworks Licenses DLL3-Targeting T Cell Engager to Roche

Zymeworks Inc. has entered a global license and collaboration agreement with Roche for the research, development, and commercialization of ZW209, a T cell engager targeting DLL3.

As part of the deal, Zymeworks will be eligible to receive an upfront payment of $55 million, a $40 million payment upon initiation of the Phase Ib trial, upwards of $718 million in additional development, commercial, and sales-based milestone payments, and tiered royalties ranging from high single digits to mid-teens on future net sales of any approved medicines.² The transaction remains subject to expiration or termination of the applicable waiting period under the HSR Act and other customary closing conditions.

Zymeworks will conduct the Phase Ia monotherapy trial of ZW209 in collaboration with Roche, which will fund that trial and take responsibility for subsequent global development and commercialization, with exclusive rights to develop and commercialize the asset worldwide.²

“This collaboration allows us to continue advancing ZW209 through its initial clinical development while leveraging Roche’s complementary capabilities to accelerate and expand its development across indications and treatment settings,” says Adam Schayowitz, PhD, MBA, executive vice president and head of R&D at Zymeworks. “The agreement also reflects our broader strategy of generating innovative programs through our R&D engine and partnering selected assets in ways that share development risk while preserving meaningful participation in their future success.”

Roche points to the deal’s fit within its oncology pipeline. “ZW209 represents an innovative approach that complements our ongoing efforts to develop new treatment options for people living with lung cancer,” says Boris L. Zaïtra, head of corporate business development at Roche. “We look forward to collaborating with Zymeworks to fully explore its therapeutic potential.”

Beyond ZW209, Zymeworks maintains an extensive portfolio of research programs targeting multispecific T cell engagers across solid tumors, hematological tumors, and autoimmune and inflammatory diseases.² The company will host a live webcast with investment analysts at 8:30 a.m. ET on October 27, 2026, with dial-in details available on its website.

Sources

1. Gilead to Acquire Investigational Oral IL-23R Inhibitor HCXT-2001, Strengthening Its Inflammation Pipeline in IBD Gilead Sciences Inc. October 22, 2026, https://www.businesswire.com/news/home/20261022181871/en/Gilead-to-Acquire-Investigational-Oral-IL-23R-Inhibitor-HCXT-2001-Strengthening-Its-Inflammation-Pipeline-in-IBD
2. Zymeworks Enters into an Exclusive Global License and Collaboration Agreement with Roche for ZW209, a Trispecific T cell Engager Targeting DLL3 Zymeworks October 23, 2026, https://www.globenewswire.com/news-release/2026/10/23/3387120/0/en/zymeworks-enters-into-an-exclusive-global-license-and-collaboration-agreement-with-roche-for-zw209-a-trispecific-t-cell-engager-targeting-dll3.html