GSK Agrees to $750 Million Cancer Drug Deal

GSK plc agreed to a deal worth up to $750 million to acquire a trispecific T cell-engager from Chimagen Biosciences, a biotechnology firm based in China. The acquired drug is an engineered protein designed to improve the ability of T-cells to target cancer while minimizing off-target effects.

Under the terms of the agreement, GSK will pay an upfront fee for full global rights to the program. Chimagen Biosciences remains eligible for additional payments tied to the achievement of specific development and commercial milestones. GSK plans to develop the drug for the treatment of multiple myeloma, with phase 1 clinical trials scheduled to begin in 2027.

CEO Luke Miels is pursuing the acquisition as part of a broader strategy to expand the company's oncology portfolio. This expansion is intended to offset anticipated revenue losses resulting from the expiration of patents on GSK's HIV medications.