Gilead acquires PepStar inflammation drug program for $1.28 billion

On October 22, 2026, Gilead Sciences agreed to acquire Shanghai-based PepStar Therapeutics' oral IL-23 receptor program, including lead Phase 1 drug HCXT-2001, for $1.275 billion in upfront cash. The acquisition strengthens Gilead's expansion into inflammatory bowel disease and immunology, aiming to diversify beyond its core HIV business. PepStar's macrocyclic peptide HCXT-2001 offers an oral alternative to injectable therapies like Skyrizi, following Gilead's positive Phase 2 results for emvistegrast.

Gilead acquires PepStar program

• ▪Gilead Sciences agreed to acquire Shanghai-based PepStar Therapeutics' oral inflammation drug program, including lead clinical-stage asset HCXT-2001, for $1.275 billion in upfront cash
• ▪Citi analyst Geoffrey Meacham stated that Gilead Sciences' $1.275 billion upfront payment was notable given that HCXT-2001 remains in Phase 1 testing without published clinical data

HCXT-2001 oral peptide characteristics

• ▪HCXT-2001 features a ring-shaped amino acid structure that protects the peptide from gut digestive enzymes and facilitates intestinal absorption
• ▪Gilead Sciences reported that HCXT-2001 is designed to offer an extended half-life, though Gilead Sciences has not disclosed its specific dosing interval
• ▪HCXT-2001 is an experimental Phase 1 oral macrocyclic peptide designed to block the IL-23 receptor for potential treatment of inflammatory bowel disease and psoriasis

Gilead inflammation pipeline strategy

• ▪Prior to acquiring PepStar Therapeutics' oral IL-23 receptor program, Gilead Sciences agreed in March 2026 to buy Ouro Medicines for approximately $1.7 billion and acquired LEO Pharma's STAT6 inhibitor
• ▪Gilead Sciences Chief Medical Officer Dietmar Berger stated Gilead Sciences sees potential to develop HCXT-2001 as a standalone treatment or in combination with other internal programs
• ▪Citi analyst Geoffrey Meacham noted that acquiring PepStar Therapeutics' oral IL-23 receptor program reinforces Gilead Sciences' immunology strategy and helps diversify growth beyond its core HIV business
• ▪Gilead Sciences Chief Executive Officer Daniel O'Day stated that Gilead Sciences' strategy in inflammation focuses on earlier-stage business deals to drive long-term pipeline growth

Emvistegrast Phase 2 results

• ▪On October 19, 2026, Gilead Sciences presented Phase 2 trial data showing its oral small molecule emvistegrast achieved a 66% clinical response rate at 12 weeks for ulcerative colitis, versus 37% for placebo
• ▪In Gilead Sciences' Phase 2 trial for ulcerative colitis, 31% of patients receiving the highest dose of emvistegrast achieved clinical remission at 12 weeks compared to 8% in the placebo group