Gilead’s acquisition of Tubulis today and Neurocrine’s purchase of Soleno yesterday mean 2Q26 has already produced two M&A announcements with upfront payments exceeding $1 billion.
Both deals are well above that mark. Gilead Sciences Inc. (NASDAQ:GILD) agreed to pay $3.15 billion up front for Tubulis GmbH, a clinical-stage ADC company. It then could add another $1.85 billion in milestones. Neurocrine Biosciences Inc. (NASDAQ:NBIX) went with a simpler structure, acquiring Soleno Therapeutics Inc. (NASDAQ:SLNO) for $53 per share in cash, totaling $2.9 billion. Soleno markets Vykat XR diazoxide choline to treat hyperphagia in Prader-Willi patients. …