10 Trillion Won CAR-T Bet: Gilead Completes Acquisition of Ascella

Gilead Sciences, Inc. (NASDAQ: GILD) on April 28 completed the acquisition of Aselex for $115 per share plus a $5 contingent value right (CVR), a transaction valued at approximately $7.8 billion (KRW 10.5 trillion), and folded the BCMA-targeting CAR-T therapy Ansitocel for multiple myeloma into a wholly owned subsidiary. Under the deal, Gilead will exclusively drive Ansitocel’s development, manufacturing, regulatory approval and commercialization through its Kite unit—free of future profit-sharing, milestone or royalty obligations—and the CVR will only be paid if cumulative global net sales exceed $6 billion by the end of 2029. Accounted for as an asset acquisition, the transaction will add roughly $5.5 billion to $5.6 billion of R&D expense in 2026. Although dilutive in 2026 and 2027, per-share earnings contribution is projected to increase after 2028, assuming FDA approval and U.S. sales of Ansitocel.

In first-quarter 2026 results, Gilead reported revenues of $7.0 billion, up 4% year-over-year, driven by growth and improved profitability in its HIV franchise, Trodelvy and Vemlidy. However, reflecting approximately $11.5 billion (KRW 15.5 trillion) of upfront R&D expense and financing costs tied to the acquisitions of Aselex, Ouro Medicines and Tubulis, the company expects a diluted net loss per share on both a GAAP and non-GAAP basis for the full year 2026. Gilead raised its product revenue guidance—excluding COVID-19 treatment Veklury—while noting that one-time costs associated with expanding its oncology and inflammation pipelines will weigh on near-term profitability. On April 15, Chief Financial Officer Andrew Dickinson sold a portion of his shares under a prearranged 10b5-1 trading plan; the sale affects only a small part of his holdings and does not materially alter his control stake.

Recently, Gilead signed a deal of up to $5 billion to acquire German biotech Tubulis, securing an ovarian cancer candidate and next-generation antibody-drug conjugate platform to bolster its ADC portfolio. In March, the company also acquired Ouro Medicines and announced a strategic collaboration with Galapagos to advance a first-in-class T-cell engager program for autoimmune diseases, extending its non-viral pipeline beyond oncology into immunology.

Headquartered in Foster City, California, Gilead Sciences is a global biopharmaceutical leader renowned for its antiviral therapies for HIV and hepatitis B and C. The company has expanded into oncology and immunology through acquisitions and partnerships in next-generation cell and antibody therapies—such as CAR-T, ADCs and T-cell engagers—to address structural shifts in the biotech and pharmaceutical industries driven by an aging population and growing demand for cancer treatment.