Gilead to Buy Cancer Biotech Tubulis in $5 Billion Deal

Gilead Sciences Inc. agreed to buy private German biotech Tubulis GmbH in a deal worth up to $5 billion as it looks to boost its portfolio in a hot new area of cancer drug development.

Gilead will pay $3.15 billion upfront in cash, and as much as $1.85 billion more if certain milestones are met, the companies said in a statement Tuesday, confirming an earlier Bloomberg story. The transaction is expected to close in the second quarter.