SHANGHAI, October 23, 2026 — Gilead Sciences announced a definitive agreement to acquire the oral IL-23R inhibitor program, including lead asset HCXT-2001, from PepStar Therapeutics, a portfolio company of Hankang Capital. Under the terms of the agreement, Gilead will acquire an oral IL-23R inhibitor program, including lead asset HCXT-2001, from PepStar for $1.275 billion in upfront cash consideration, subject to customary adjustments, which is payable at closing. Closing of the transaction is subject to certain customary conditions. The transaction is expected to close in the fourth quarter of 2026.
The transaction represents a significant milestone for China's innovative biopharmaceutical industry and reflects growing global recognition of the country's drug discovery capabilities. For Hankang Capital, it also provides compelling validation of its early investment thesis around immunology, oral macrocyclic peptides, and differentiated drug discovery platforms, as well as its ability to identify and back exceptional founding teams at an early stage.
“HCXT-2001 adds a potentially differentiated oral approach to our growing inflammation pipeline, reflecting our commitment to addressing significant unmet patient needs,” said Dietmar Berger, MD, PhD, Chief Medical Officer of Gilead. “We see potential for HCXT-2001 alone or in combination, including with emvistegrast, as a daily oral treatment for people living with IBD.”
“We are excited for Gilead to take HCXT-2001 forward and believe their scientific expertise and global development capabilities can help realize the full potential of this novel oral IL-23R inhibitor,” said Haibing Guo, Founder and CEO of PepStar. “This transaction marks a major milestone for our company and underscores the strength of our proprietary oral peptide platform. I feel incredibly proud of what our team has accomplished in just three years and excited about what lies ahead as we continue bringing innovative medicines to patients around the world.”
About HCXT-2001
HCXT-2001 is an investigational oral macrocyclic peptide inhibitor of IL-23R with an extended half-life currently in Phase 1 clinical trials, originally developed by PepStar Therapeutics Limited. Its safety and efficacy have not been established, and it has not been approved by any regulatory authority.
About PepStar
PepStar Therapeutics is a biotech company developing innovative drugs for oncology and autoimmune diseases, with novel peptides as its main molecular modality. Its core team includes seasoned experts from leading multinational and Chinese pharmaceutical companies, with strong track records in drug R&D. The company plans to build several cutting-edge peptide technology platforms. On that foundation, the company will develop a differentiated pipeline in solid tumors, autoimmune diseases, and allergic and inflammatory conditions.
About Gilead Sciences
Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer, and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, Calif.
