YPOG, acting with two separate teams, has advised the shareholders Evotec SE and Venrock Healthcare Capital Partners in connection with the sale of the biotech company Tubulis to Gilead for a total consideration of up to USD 5 billion (including all earn-out payments).The purchase price consists of an upfront cash component of USD 3.15 billion as well as contingent payments of up to USD 1.85 billion. Closing of the transaction is expected in the second quarter of 2026.
Tubulis is a clinical-stage biotechnology company focused on the development of next-generation antibody-drug conjugates (ADCs). The company’s proprietary platform technologies enable the targeted delivery of highly potent payloads to tumor cells. Its lead programs include TUB-040, an ADC for the treatment of ovarian cancer and other solid tumors, currently in clinical development. In addition, Tubulis has developed a technology platform aimed at advancing new generations of ADCs with broad application potential in oncology.
Evotec first invested in Tubulis as part of the Series B funding round in May 2022 and again in the Series B2 funding round in March 2024. Venrock most recently supported the company as the lead investor in the Series C funding round, and YPOG advised them on the transaction together with the US firm Cooley LLP.
“The sale of Tubulis marks another important milestone for the European biotechnology sector. The transaction highlights the continued strong interest of strategic investors in innovative oncology platforms and demonstrates how European research can successfully translate into global transactions,” said Dr. Martin Schaper, Partner at YPOG.
YPOG regularly advises national and international venture capital investors, strategic investors and companies on transactions in the life sciences and biotechnology sectors.
About Evotec
Evotec is a life science company that is pioneering the future of drug discovery and development. By integrating breakthrough science with AI-driven innovation and advanced technologies, we accelerate the journey from concept to cure — faster, smarter, and with greater precision. Our expertise spans small molecules, biologics, cell therapies and associated modalities, supported by proprietary platforms such as Molecular Patient Databases, PanOmics and iPSC-based disease modeling. With flexible partnering models tailored to our customers’ needs, we work with all Top 20 Pharma companies, over 800 biotechs, academic institutions, and healthcare stakeholders. Our offerings range from standalone services to fully integrated R&D programs and long-term strategic partnerships, combining scientific excellence with operational agility. Through Just – Evotec Biologics, we redefine biologics development and manufacturing to improve accessibility and affordability. With a strong portfolio of over 100 proprietary R&D assets, most of them being co-owned, we focus on key therapeutic areas including oncology, cardiovascular and metabolic diseases, neurology, and immunology. Evotec’s global team of more than 4,800 experts operates from sites in Europe and the U.S., offering complementary technologies and services as synergistic centers of excellence.
About Venrock Healthcare Capital Partners
Venrock Healthcare Capital Partners (VHCP) is a healthcare-focused, late-stage venture capital fund family that invests primarily in publicly-held and late-stage private companies within the healthcare and life sciences industries, with a strong emphasis on small-cap public companies and biotechnology. VHCP focuses on companies developing and commercializing innovative products and technologies. For more information, please visit venrock.com.
Team Evotec
Dr. Martin Schaper (Co-Lead, Transactions), Partner, Berlin
Dr. Johannes Janning (Co-Lead, Transactions), Partner, Cologne
Ciro D’Amelio (Transactions), Senior Associate, Berlin
Team Venrock Healthcare Capital Partners
Dr. Benjamin Ullrich (Lead, Transactions), Partner, Berlin
Dr. Emma Peters (Transactions), Associated Partner, Berlin
Dr. Oliver Junk (Transactions), Associated Partner, Cologne
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YPOG stands for You + Partners of Gamechangers – forward-thinking legal and tax advice. Supporting companies that are focused on emerging technologies, YPOG embraces change as an opportunity to develop cutting-edge solutions. The YPOG team offers comprehensive expertise in the areas of Funds, Tax, Transactions, Corporate, Banking, Regulatory + Finance, IP/IT/Data Protection, Litigation, and Corporate Crime + Compliance + Investigations. YPOG is one of the leading law firms in Germany for venture capital, private equity, fund structuring, and the implementation of distributed ledger technology (DLT) in financial services. Both the firm and its partners are regularly recognized by renowned national and international publications such as JUVE, Best Lawyers, Chambers and Partners, Leaders League, and Legal 500. YPOG is home to more than 180 experienced attorneys, tax advisors and tax specialists as well as a notary, working across offices in Berlin, Cologne, Hamburg, Munich, Cambridge and London.
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