# How Gilead turned a $50M option into a $3.15B ADC bet - Date: 2026-04-07 - Category: Biotech & Life Sciences Gilead didnt rush to buy Tubulis. It paid $50M in 2024 for an exclusive look at clinical data, watched TUB-040 post a 59% response rate at ESMO, then spent 14 months deciding whether the $3.15B price tag was worth it. That option structure not a bidding war is the real story. ---