• Biotech Snap
  • Posts
  • Gilead acquires Ouro for $1.7B & Merck pays Quotient $20 million for new IBD drugs

Gilead acquires Ouro for $1.7B & Merck pays Quotient $20 million for new IBD drugs

AuthorAuthor

Joachim Eeckhout & Eduardo Longoria
March 25, 2026

Good Morning! The amyloidosis market has learned how to slow the disease. Now comes the harder part.

What happened: UK biotech Immutrin has raised £65 million in an oversubscribed Series A to advance an antibody for transthyretin amyloid cardiomyopathy (ATTR-CM). Unlike current approved drugs that stabilize oral transthyretin (TTR) or reduce its production, Immutrin is aiming at the harder problem: clearing amyloid already embedded in cardiac tissue.

Why it matters: That puts the company squarely in the race for the disease-modifying endgame in ATTR-CM. If the approach works, it could complement existing suppressors and potentially shift treatment from slowing decline to reversing damage.

Context: Novo Nordisk and AstraZeneca already have late-stage amyloid-depleting programs underway. Immutrin now has fresh capital to try to catch up with a differentiated pitch.

Bottom line: The field has learned to slow amyloid. Now investors are paying for a reversal.

— Joachim E.

Don’t keep this newsletter a secret: Forward Biotech Snap to a friend!

Was this email forwarded to you? Sign up here.

SNAPSHOT

Gilead acquires Ouro for $1.7B and gains access to bispecific antibodies for autoimmune treatment

Pile of gold bullion coins and bars. Argor Heraeus, Münze Österreich, Royal Canadian Mint, U.S. Mint, Australian Mint of Perth, panda and Krugerrand. If you use our photos, please add credit to https://zlataky.cz, when possible

Gilead Sciences is acquiring startup Ouro Medicines for up to $1.7 billion, gaining a bispecific antibody (OM336) designed to target BCMA and CD3 for autoimmune diseases.

Why it matters: The deal signals rising confidence that cancer-style immunotherapies, specifically T cell engagers, can be adapted to treat autoimmune conditions more effectively, potentially with fewer costs and side effects than current options.

Backstory: Ouro launched in 2025 with backing from GSK and Monograph Capital. They join a cohort of startups that have received funding for bispecific antibodies like Excalipoint and Crossbow, underscoring momentum behind multispecific antibody platforms. Its lead drug, licensed from China’s Keymed Medicines, builds on a decade of research showing bispecific antibodies can selectively eliminate harmful immune cells. These therapies are already established in oncology but are now being explored in immune disorders.

Big picture: Big Pharma is racing into next-generation immune therapies. Gilead joins companies like Merck, Bristol Myers Squibb, and GSK in spending heavily on multispecific antibodies that could redefine treatment across cancer and autoimmune disease.

Zoom in: OM336 targets BCMA (on B cells) and CD3 (on T cells), redirecting immune attacks toward harmful cells. The drug is in trials for rare autoimmune diseases, including cytopenias, Sjögren’s syndrome, and inflammatory muscle conditions. Compared to cell therapies, bispecifics are cheaper, don’t require chemotherapy prep, and can be dosed repeatedly. OM336, originally developed by Keymed Medicines, is also being studied for multiple myeloma in China.

Yes, but: The deal isn’t involving only Gilead and Ouro. Gilead will collaborate with Galapagos, in which Galapagos will receive most of Ouro´s assets and employees in exchange for covering 50% of the deal costs that Gilead has incurred. With both companies set to co-develop the drug OM336, Gilead will retain commercialization rights in most markets while paying Galapagos up to 23% in royalties.

What’s next: Clinical trial results will determine whether OM336 can prove safer and more targeted than existing immune therapies, especially avoiding severe side effects like cytokine release syndrome. 

SNIPPETS

What’s happening in biotech today?

🔍 IBD hunt: Merck & Co. has agreed to pay Quotient Therapeutics $20 million upfront to access its somatic genomics platform for discovering new drug targets in inflammatory bowel disease (IBD), with potential milestone payments bringing the deal’s total value to $2.2 billion. Quotient’s technology analyzes somatic mutations in patient tissues to identify disease-driving or protective genetic changes. The partnership aligns with Merck’s broader push into immunology and IBD, following its $11 billion acquisition of Prometheus Biosciences. Quotient, founded by Flagship Pioneering, has also attracted partnerships with GSK and Pfizer, reflecting strong industry interest in its genomics-based approach to drug discovery.

😴 Sleep bet: Shionogi has agreed to pay $100 million upfront to acquire Apnimed’s 50% stake in their joint venture, Shionogi-Apnimed Sleep Science (SASS), gaining full control of the sleep disorder-focused business, with an additional $50 million milestone tied to the candidate SASS-002. Formed in 2023, the joint venture combines Shionogi’s drug discovery expertise with Apnimed’s knowledge of obstructive sleep apnea (OSA). Its pipeline includes SASS-001, currently in a phase 2a trial, and SASS-002, a reformulated anti-seizure drug. The acquisition aims to accelerate development, while Apnimed will focus on advancing its lead OSA therapy, AD109, and strengthening its finances.

⏱️ Dosing edge: Innovent Biologics reported that its investigational eye drug efdamrofusp alfa matched Bayer and Regeneron’s Eylea in a phase 3 trial involving 600 patients with neovascular age-related macular degeneration in China, supporting plans for regulatory filing. The drug achieved comparable vision improvement while allowing less frequent dosing, with nearly 73% of patients maintained on 16-week intervals versus Eylea’s standard 8-week schedule. Innovent highlighted a potentially lower incidence of macular atrophy compared to Eylea, suggesting a possible safety advantage. If approved, the drug will enter a competitive Chinese market currently dominated by Eylea and Roche’s Vabysmo.

📉 Hype dip: Ocugen fell short of an earlier 54% interim result, which dampened investor enthusiasm and led to a stock decline despite reporting that its gene therapy OCU410 met the primary endpoint in a phase 2 trial for geographic atrophy. The therapy achieved a 31% reduction in lesion size after 12 months, outperforming approved therapies. The treatment showed no serious safety concerns and is planned to advance to a phase 3 trial later this year. OCU410, a one-time AAV-based therapy, aims to reduce the burden of frequent injections required by existing treatments, though it faces competition from other gene therapy programs in development.

SPEED READ

More news

TOUR OPERATOR

Upcoming events

What did you think of today's newsletter?

Your feedback helps us create the best newsletter possible.

Login or Subscribe to participate in polls.

Share the Snap!

Know someone who’d enjoy this? Hit forward and pass it along.