Gilead Sciences (Nasdaq: GILD) and Belgium-based Lakefront Biotherapeutics NV (Euronext & Nasdaq: LKFT) have completed the joint acquisition of Ouro Medicines in a deal valued at up to USD 2.175 billion. The transaction centers on gamgertamig (OM336; CM-336), a clinical-stage BCMAxCD3 bispecific T cell engager under development for auto-immune diseaes, originally licensed from China's Keymed Biosciences. Gilead is taking commercial rights to the molecule outside Greater China, while Lakefront assumes responsibility for ongoing Phase I/II clinical development and receives tiered royalties of 20%–23% on future net sales.
Under the agreed terms, Gilead acquires all outstanding equity of Ouro Medicines for USD 1,675 million, with up to USD 500 million in contingent milestone payments; the upfront payment and milestones are equally split between Gilead and Lakefront. Lakefront separately in-licensed three preclinical autoimmune programs from the Ouro portfolio, with Gilead holding an opt-in right for a 50/50 profit split post clinical proof-of-concept at USD 75 million per program.
Ouro Med was set up in late 2024, based around a license deal for global rights outside China to gamgertamig from Keymed Bio (HKG: 2162). Post-acquisition, Keymed retains independent development and commercial rights the Greater China territory, and as a shareholder in Ouros will receive USD 257 million of the upfront fee and up to USD 70 million of the milestone commitments. The terms of the original license deal between Keymed and Ouro remain in place, with Gilead and Lakefront now responsible for up to USD 610 million in milestones alongside tiered royalties on net sales under that original deal, as per a Keymed notification.
Gamgertamig is designed to engage CD3-expressing T cells to redirect cytotoxic activity against BCMA-expressing plasma cells and B cells, expected to lead to rapid and deep depletion of the pathogenic antibody-producing cells that drive severe antibody-mediated diseases. The asset is under development for autoimmune hemolytic anemia and immune thrombocytopenia — orphan indications with limited disease-modifying options — and has received both Fast Track and Orphan Drug Designation from the US FDA for both conditions. Administered subcutaneously over a limited treatment course, gamgertamig is designed to induce durable disease control rather than requiring chronic immunosuppression, with registrational studies anticipated as early as 2027.