Gilead Sciences Inc. (NASDAQ:GILD) shares were up briefly on Tuesday as the company is expanding its inflammation portfolio through a strategic acquisition.

Gilead on Monday agreed to acquire Ouro Medicines for $1.675 billion in upfront cash, with additional contingent milestone payments of up to $500 million.

Strategic Acquisition Strengthens Inflammation Pipeline

The acquisition adds a clinical-stage bispecific BCMAxCD3 T cell engager, OM336, to Gilead's portfolio.

The drug is designed to treat severe autoimmune diseases and has shown promising efficacy in clinical studies.

The deal is part of Gilead's strategy to enhance its offerings in the autoimmune disease space, particularly with therapies that target B cells and plasma cells.

OM336 has received Fast Track and Orphan Drug Designation from the U.S. Food and Drug Administration ...