- Companies
- Tubulis
Tubulis Acquisition, Valuation, Funding & Investors
Tubulis was acquired by Gilead Sciences for $5B in April 2026.
Cumulative funding Tubulis raised
$612M
across 4 funding rounds
Key investors in Tubulis
HTGF
Seventure Partners
Bayern Kapital
coparion
BioMedPartners
OCCIDENT
EQT
Andera Partners
About Tubulis
Tubulis is a Germany-headquartered biotech firm engineering antibody-drug conjugates for oncology using its Tub-tag platform for site-specific payloads. Lead candidates TUB-040 targets solid tumors via B7-H3 and TUB-030 via AXL, both in Phase I trials since 2023. Founded in 2018 in Munich, Tubulis collaborates with partners like Janssen on next-generation ADCs improving stability and efficacy over topoisomerase inhibitors.
Founded
2012
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$5B (acquired Apr 2026)
Sectors
Tubulis Acquisition
Tubulis was acquired by Gilead Sciences for $5B on 6 April 2026.
Before the acquisition Tubulis had raised $612M across 4 funding rounds.
Gilead Sciences agreed to acquire Tubulis, a German biotech developing next-generation antibody-drug conjugates (ADCs) for cancer, for $3.15 billion in upfront cash plus up to a further $1.85 billion in contingent milestone payments, for a total potential deal value of up to $5 billion. The agreement was announced on 7 April 2026 and the acquisition closed in May 2026. Gilead said the deal adds a potentially best-in-class ADC and a next-generation ADC platform to strengthen its oncology pipeline.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 6 Apr 2026 | Strategic M&A | $5B |
Sources: investors.gilead.com, gilead.com, biopharmadive.com
Tubulis Funding History
Tubulis has raised a total of $612M across 4 funding rounds.
Tubulis' first fundraising round was a $13M Series A in July 2020. The most recent completed round was a $397M Series C in October 2025.
Tubulis funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2025 | Series C | Venrock Healthcare Capital Partners (lead) | $397M | Tubulis is a Munich-based biotechnology company developing a pipeline of novel, indication-specific antibody drug conjugates (ADCs) that leverage proprietary platform technologies and biological expertise. The company's lead candidate, TUB-040, is currently in Phase I/IIa clinical trials for ovarian and lung cancer and was granted fast-track status by the US FDA in June 2024. The company also has clinical-stage candidate TUB-030 for advanced solid tumors and several preclinical programs in development. Tubulis has established a presence in Cambridge, Massachusetts, and planned to open an additional office in Lausanne, Switzerland. In October 2025, Tubulis completed a Series C financing round led by Venrock Healthcare Capital Partners. The initial closing on October 15, 2025, raised EUR 308 million (USD 361 million), representing the largest Series C for a European biotechnology company and the largest financing for a private ADC developer globally. New investors Wellington Management and Ascenta Capital participated alongside existing investors including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, High-Tech Gründerfonds (HTGF), OCCIDENT, and Seventure Partners. A second and final closing of the Series C round occurred on October 30, 2025, bringing the total capital raised to EUR 344 million (USD 401 million). This closing added new investors Fidelity Management & Research Company, Janus Henderson Investors, and Blackstone Multi-Asset Investing to the syndicate. The combined funding was designated to accelerate TUB-040 development, explore earlier treatment lines in ovarian cancer, expand into combination regimens and new solid tumor indications, and advance pipeline candidates including TUB-030. Tubulis' Tubutecan platform combines therapeutic payloads with P5 conjugation technology designed to reduce toxicity by halting premature payload loss and preventing aggregation in circulation. The company has attracted partnerships with major pharmaceutical companies Bristol Myers Squibb and Gilead Sciences. At the time of the Series C announcement, the company had previously banked nearly EUR 200 million in private financing prior to this round. The CEO and co-founder, Dr. Dominik Schumacher, stated the company was positioned to execute on its vision of creating differentiated ADCs tailored to solid tumor biology with superior therapeutic value. |
| Mar 2024 | Series B | EQT (lead); Nextech Invest (lead) | $138M | Tubulis is a Munich-based antibody-drug conjugate (ADC) biotech company founded in 2019, focused on developing differentiated ADC therapies for solid tumors. The company's pipeline centers on two lead candidates: TUB-040, targeting the Napi2b tumor antigen for ovarian and lung cancer, and TUB-030, targeting the 5T4 antigen prevalent in solid tumors. The company utilizes proprietary Tubutecan payloads and P5 conjugation platform technologies designed to minimize premature payload loss and reduce target-independent toxicity compared to conventional ADCs. On March 14, 2024, Tubulis closed an upsized and oversubscribed Series B2 financing round of €128 million (approximately $138.8 million USD), co-led by EQT Life Sciences and Nextech Invest. Additional new investors included US-based funds Frazier Life Sciences and Deep Track Capital. The round represented one of the largest European venture rounds in healthcare that year and was heavily oversubscribed. All existing investors from Tubulis' prior $63 million Series B round in 2022 participated, including Andera Partners, BioMedPartners, Fund+, Bayern Kapital, Evotec, coparion, Seventure Partners, OCCIDENT, and High-Tech Gründerfonds. Proceeds from the Series B2 were allocated to support clinical evaluation of TUB-030 and TUB-040, with the company planning to initiate its first Phase 1/2a clinical trial including dose escalation and optimization cohorts in 2024. Preclinical proof-of-concept data for both candidates were presented at the American Association for Cancer Research (AACR) Annual Meeting in April 2024. Funding also supported technology platform expansion and establishment of a US subsidiary to increase corporate footprint. Tubulis demonstrated significant commercial validation through a strategic partnership with Bristol Myers Squibb announced in April 2023, under which the biotech received a $22.8 million upfront payment for exclusive access to its ADC technology for selected highly differentiated ADC candidates targeting solid tumors, with over $1 billion in potential milestone payments. This partnership underscored investor confidence in the company's platform approach. Following the Series B2, Tubulis went on to raise a €308 million (approximately $361 million USD) Series C in late 2024 or early 2025, making it the largest Series C for a European biotechnology company at that time, with lead investment from Venrock Healthcare Capital Partners. |
| May 2022 | Series B | Andera Partners (lead); Evotec; BioMedPartners; coparion; HTGF; OCCIDENT; Bayern Kapital; Seventure Partners; Fund+ | $64M | Tubulis is a Munich-based biotech company developing next-generation antibody-drug conjugates (ADCs) with proprietary technologies for improved design flexibility, addressing toxicity and efficacy issues in solid tumor indications like ovarian, lung, and hematological cancers. On May 3, 2022, it closed a €60 million (about $63-64.4 million USD) Series B financing led by Andera Partners, with participation from new investors Evotec and Fund+, and existing investors Bayern Kapital, BioMedPartners, coparion, HTGF, OCCIDENT, and Seventure Partners. The funds were allocated to advance its preclinical ADC pipeline toward clinical evaluation, innovate novel payload classes, identify new cancer targets, and expand platform technologies. Tubulis' lead assets target high-unmet-need indications, with a hematological program nearing IND-readiness, focusing on the five deadliest cancer types globally. The company emphasizes biologic insights to pair novel payloads with disease-specific targets for superior therapeutic outcomes. Subsequent rounds included an upsized €128 million Series B2 for clinical progress on TUB-040 (NaPi2b-targeted for ovarian/lung cancer) and TUB-030 (5T4-targeted), with Phase 1/2 trials starting in 2024. Later Series C financings totaled €308-344 million by 2025, funding TUB-040's Phase I/IIa advancement (positive early data in platinum-resistant ovarian cancer), pipeline expansion, and US presence, led by Venrock Healthcare Capital Partners with investors like Fidelity and Blackstone. |
| Jul 2020 | Series A | BioMedPartners (lead); HTGF (lead); coparion; OCCIDENT; Bayern Kapital; Seventure Partners | $13M | Tubulis, a biotechnology company spun out in 2019 from the Leibniz-Forschungsinstitut für Molekulare Pharmakologie in Berlin and Ludwig Maximilians University in Munich, develops a new class of highly stable and efficient antibody-drug conjugates (ADCs) to expand therapeutic potential for cancer and other diseases. The company closed a €10.7 million Series A financing round on July 21, 2020, co-led by BioMedPartners and High-Tech Gründerfonds (HTGF), with participation from Seventure Partners, coparion, Bayern Kapital, and OCCIDENT, plus high net worth individuals and founders. Funds were allocated to accelerate ADC development and support company growth. |
Who has invested in Tubulis?
12 investors have backed Tubulis across its funding rounds, including HTGF, Seventure Partners, Bayern Kapital, coparion, BioMedPartners and OCCIDENT.
Lead investors include Venrock Healthcare Capital Partners, EQT, Nextech Invest, Andera Partners, BioMedPartners and 1 other investor.
Tubulis Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jul 2020 | ||
| 2 | Participant | Jul 2020 | ||
| 2 | Lead | Jul 2020 | ||
| 2 | Participant | Jul 2020 | ||
| 2 | Participant | Jul 2020 | ||
| 2 | Participant | Jul 2020 | ||
| 1 | Participant | May 2022 | ||
| 1 | Lead | Mar 2024 | ||
| 1 | Lead | Mar 2024 | ||
| 1 | Lead | May 2022 | ||
This data is available for Pro users. Sign up to see all 12 Tubulis investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialTubulis Competitors
Tubulis competitors include listed companies like Gland Pharma, Parabilis Medicines, GSK India and 3SBio, and private ones like Biocon Biologics and Intas Pharmaceuticals.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $668M | $179M | $5B | 6.5x | ||
| Publicly listed | - | ($145M) | $5.1B | - | ||
| Publicly listed | $397M | $148M | $4.9B | 11.1x | ||
| Publicly listed | $2.6B | $1.6B | $5.1B | 1.8x | ||
| Private | $1.1B | - | $4.5B | 4.2x | ||
| Private | $2B | - | $4.3B | 2.1x |
Tubulis Public Comps
Tubulis is no longer listed, but its public comps include Gland Pharma, Salubris Pharmaceuticals, Parabilis Medicines, GSK India, 3SBio, Edgewise Therapeutics, Shanghai RAAS, Ipca Laboratories, Hanmi Pharm and Beijing Tongrentang.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $668M | $179M | 7.0x | 6.5x | 26.2x | 24.9x | |||
| $649M | $155M | 7.6x | 6.6x | 31.8x | 28.3x | |||
| - | ($145M) | - | - | (27.4x) | - | |||
| $397M | $148M | 11.7x | 11.1x | 31.5x | 32.0x | |||
| $2.6B | $1.6B | 1.2x | 1.8x | 1.9x | 3.9x | |||
| - | ($189M) | - | - | (24.5x) | (20.7x) | |||
| $1.1B | $315M | 4.7x | - | 16.2x | - | |||
| $997M | $212M | 5.3x | 4.9x | 25.1x | 22.7x | |||
This data is available for Pro users. Sign up to see all Tubulis competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tubulis
| When was Tubulis founded? | Tubulis was founded in 2012. |
| Where is Tubulis headquartered? | Tubulis is headquartered in Munich, Germany. |
| Is Tubulis publicly listed? | No, Tubulis was acquired by Gilead Sciences in April 2026. |
| Who acquired Tubulis? | Tubulis was acquired by Gilead Sciences in April 2026. |
| How much was Tubulis acquired for? | Tubulis was acquired for $5B in April 2026. |
| How much funding has Tubulis raised? | Tubulis has raised $612M across 4 funding rounds. |
| What was Tubulis' last funding round? | Tubulis' last funding round was a $397M Series C in October 2025, led by Venrock Healthcare Capital Partners. |
| Who are Tubulis' investors? | Tubulis' investors include BioMedPartners, coparion, HTGF, OCCIDENT, Bayern Kapital, Seventure Partners, Evotec, Nextech Invest, EQT, Andera Partners and 2 others. |
| Which companies are comparable to Tubulis? | Companies comparable to Tubulis include Gland Pharma, Parabilis Medicines, GSK India, 3SBio, Biocon Biologics and Intas Pharmaceuticals. |
See companies similar to Tubulis
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




