Pharma BD Deal Intelligence
Gilead Sciences and Arcus Biosciences entered a 10-year collaboration to develop and commercialize next-generation immuno-oncology therapies. Gilead paid $375M upfront and made a $200M equity investment, with up to $4.475B in option exercise fees and milestone payments. The deal covers Arcus's pipeline of anti-TIGIT (domvanalimab), anti-PD-1, anti-CD73, and other IO assets. This was a partnership with an equity stake (later ~33%), not an acquisition. The anti-TIGIT thesis subsequently collapsed: the Phase 3 STAR-221 (upper GI) study was discontinued for futility in December 2025 and STAR-121 (1L NSCLC) was discontinued for futility in April 2026. On April 20, 2026 Gilead declined the option-continuation payment, ending its option period on July 14, 2026 and forgoing options to Arcus's CCR6/CD89/CD40L programs while retaining existing options on AB801, AB598, AB102 and a TNF inhibitor. Arcus has refocused on its wholly-owned HIF-2a inhibitor casdatifan (Phase 3 PEAK-1 in ccRCC).