By VETTAPHARMA reporter – Derek Roche: GSK plc has announced that it has entered a definitive agreement to acquire 100% of the equity of 35Pharma Inc., a Canada-based, private clinical-stage bio-pharmaceutical company, for US $950 million in cash at closing.
The acquisition is subject to customary closing conditions, including regulatory clearances in the United States under the Hart-Scott-Rodino Act and in Canada under the Competition Act, as well as requisite filings under the Investment Canada Act.
Strategic Rationale
The transaction adds HS235, 35Pharma’s lead investigational therapy targeting the activin receptor signalling pathway, to GSK’s research portfolio. This candidate is being developed for the treatment of pulmonary hypertension (PH), a serious and life-shortening condition characterized by elevated blood pressure in the lungs’ vasculature.
According to industry forecasts, the global market for PH therapies is expected to reach approximately US $18 billion by 2032, with activin signalling inhibitors comprising about half of that market opportunity.
Scientific and Clinical Highlights
- HS235 is engineered to preferentially target the activin receptor signalling pathway with reduced binding to BMP9/BMP10, potentially lowering bleeding risk compared with current options.
- The mechanism also suggests possible metabolic benefits — including fat-selective weight loss, improved insulin sensitivity, and preservation of lean mass — based on early clinical and biomarker data evaluated in healthy volunteers.
- Development includes ongoing and soon-to-accelerate studies in pulmonary arterial hypertension (PAH) and PH due to heart failure with preserved ejection fraction (HFpEF).
Executive Comments
Tony Wood, Chief Scientific Officer at GSK, stated that pulmonary hypertension affects millions worldwide yet remains underserved, and emphasized that HS235 could deliver a differentiated clinical profile with broader potential across vascular, metabolic, and inflammatory drivers of chronic disease.
Ilia Tikhomirov, Chief Executive Officer of 35Pharma, expressed pride in the company’s scientific progress and confidence in GSK’s capabilities to advance HS235’s development.
Market and Pipeline Impact
This acquisition marks GSK’s second significant deal under new CEO Luke Miels, following a $2.2 billion acquisition of RAPT Therapeutics earlier in 2026. The strategy reflects GSK’s focus on strengthening its respiratory, immunology and inflammation (RI&I) portfolio while addressing future revenue pressures from patent expires on existing therapies.
HS235’s progression into later-stage clinical development and potential advantages over current treatments — such as reduced bleeding risks and metabolic benefits — positions GSK to compete meaningfully in the pulmonary hypertension space, including against established therapies such as Merck’s Winrevair.
Transaction Details
- Purchase Price: US $950 million, all cash.
- Target: 35Pharma Inc., a clinical-stage biotech focused on novel protein-based therapeutics.
- Lead Asset: HS235, activin signalling inhibitor in development for PAH and HFpEF.
- Conditions: Customary regulatory approvals in Canada and the US required before closing.
