EQT Life Sciences Exits Tubulis Investment Following Gilead Acquisition Agreement in Oncology Sector

EQT Life Sciences Exits Tubulis Investment Following Gilead Acquisition Agreement in Oncology Sector

(IN BRIEF) EQT Life Sciences has exited its investment in Tubulis following Gilead Sciences’ agreement to acquire the German biotechnology company in a deal valued at up to $5 billion including milestones. EQT supported Tubulis’ development into a clinical-stage oncology company, helping advance its antibody-drug conjugate pipeline and platform. The acquisition strengthens Gilead’s oncology portfolio, adding key assets such as TUB-040 and TUB-030. Tubulis will continue operating as a research hub within Gilead, while the transaction highlights ongoing demand for innovative cancer therapies and successful early-stage investment strategies in the life sciences sector.

(PRESS RELEASE) STOCKHOLM, 8-Apr-2026 — /EuropaWire/ — EQT Life Sciences has announced the exit of its minority stake in Tubulis, following a definitive agreement by Gilead Sciences to acquire the Germany-based clinical-stage oncology company. The transaction marks a significant milestone for EQT Life Sciences’ LSP 7 fund and its investment strategy in high-growth life sciences businesses.

Tubulis focuses on the development of next-generation antibody-drug conjugates (ADCs), combining targeted antibodies with potent therapeutic agents to address difficult-to-treat cancers. Its lead program, TUB-040, is currently in Phase 1b/2 clinical development for platinum-resistant ovarian cancer and non-small cell lung cancer. The acquisition also includes TUB-030, a 5T4-targeted ADC that has shown promising early clinical results, as well as Tubulis’ broader ADC platform and pipeline.

EQT Life Sciences co-led Tubulis’ oversubscribed Series B2 financing round in 2024 and has since supported the company’s growth through active board participation and strategic guidance. During this period, Tubulis advanced into a clinical-stage oncology player, strengthened its pipeline, and established itself as a competitive platform within the rapidly expanding ADC field.

Dominik Schumacher, CEO and Co-founder of Tubulis, emphasized that the company’s proprietary conjugation technologies have demonstrated strong potential, particularly through early clinical data. He noted that becoming part of Gilead will provide the scientific expertise, development capabilities, and global scale required to accelerate the advancement of its therapies for patients worldwide.

Christoph Broja, Partner at EQT Life Sciences and Board Director at Tubulis, highlighted that the company exemplifies the type of innovation-driven business the firm seeks to support. He pointed to Tubulis’ strong scientific foundation and international growth trajectory as key factors behind the successful outcome of the investment.

Following completion of the transaction, Tubulis will operate as a dedicated ADC research unit within Gilead, with its Munich site continuing as a center for innovation. The facility will support ongoing discovery, manufacturing, and clinical development activities aimed at advancing next-generation oncology treatments.

Under the terms of the agreement, Gilead will acquire all outstanding equity of Tubulis for $3.15 billion in upfront cash consideration, with the potential for up to $1.85 billion in additional milestone-based payments. The transaction is subject to regulatory approvals and customary closing conditions and is expected to be completed in the second quarter of 2026. Gilead intends to finance the acquisition through a combination of existing cash resources and senior unsecured debt.

About EQT Life Sciences

EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.

More information: https://eqtgroup.com/private-capital/eqt-life-sciences

About Tubulis

Tubulis generates uniquely matched antibody-drug conjugates with superior biophysical properties that have demonstrated durable on-tumor delivery and long-lasting anti-tumor activity in preclinical models and first clinical proof-of-concept in platinum-resistant ovarian cancer. The two lead programs from its growing pipeline, TUB-040, targeting NaPi2b, and TUB-030, directed against 5T4, are being evaluated in the clinic in high-need solid tumor indications. Tubulis will solidify its leadership position by continuing to innovate on all aspects of ADC design leveraging its proprietary platform technologies. Tubulis’ goal is to expand the therapeutic potential of this drug class for its pipeline, partners and patients. Visit www.tubulis.com or follow us on LinkedIn.

Media Contacts:

EQT Press Office, press@eqtpartners.com

Tubulis Contact:

Stephanie May, PhD, tubulis@trophic.eu

SOURCE: EQT