Gilead to acquire PepStar’s oral IL-23R program for $1.275 billion upfront

Gilead agreed to acquire Shanghai-based PepStar Therapeutics’ oral IL-23 receptor inhibitor program, including lead candidate HCXT-2001, for $1.275 billion upfront in cash.

HCXT-2001 is an investigational oral macrocyclic peptide in Phase 1 trials. Its safety and efficacy have not yet been established, and no clinical results have been publicly disclosed.

The deal gives Gilead worldwide rights to the program and is expected to close in the fourth quarter of 2026, subject to customary conditions.

Gilead sees potential to develop the drug for inflammatory bowel disease (IBD), either alone or alongside its own IBD candidate emvistegrast. Psoriasis may also be a future area of study.

The large upfront price stands out for an early-stage asset. It adds to Gilead’s push into inflammation and immunology, but the drug’s clinical promise remains unproven.