GSK To Acquire 35Pharma For $950M, Expanding Pulmonary Hypertension Pipeline

GSK plc announced it has agreed to acquire 35Pharma Inc., a Canada-based clinical-stage biotech focused on protein-based therapeutics. The deal includes HS235, an investigational therapy that has completed Phase I trials in healthy volunteers and is set to begin studies in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF).

Pulmonary hypertension (PH) is a progressive and life-threatening condition characterized by elevated blood pressure in the lungs, leading to symptoms such as breathlessness, fatigue, and chest pain, and ultimately heart failure. Despite affecting an estimated 82 million people globally across different forms, treatment options remain limited, with five-year survival rates around 50%. The global PH therapy market is projected to reach $18 billion by 2032, with activin signalling inhibitors expected to account for a significant share.

Tony Wood, Chief Scientific Officer, GSK, said: “Pulmonary hypertension affects millions of people worldwide, yet patients are underserved. We’re delighted to add HS235 to our pipeline, a potential best-in-class medicine with a differentiated profile to reduce risk of bleeding and provide potential metabolic benefits clinically relevant to PH patients. HS235’s potential protective effects on vascular function, alongside potential benefits on fat-derived markers of metabolism and inflammation, also offer new development opportunities within our RI&I portfolio to achieve broader coverage across the metabolic, inflammatory, vascular and fibrotic drivers of multiple chronic diseases that affect the lung, liver and kidney.”

HS235 targets the activin receptor signalling pathway, a clinically validated mechanism in PH. The molecule has been engineered for enhanced selectivity, reducing interactions with BMP9 and BMP10 ligands, which are linked to adverse effects such as bleeding and telangiectasia. By potentially lowering bleeding risk, HS235 could address a key limitation of existing therapies, particularly for patients requiring anticoagulant or antiplatelet treatment.

Ilia Tikhomirov, CEO, 35Pharma, said: “In recent years, we witnessed a revolution in our understanding of pulmonary hypertension and how this life-threatening disease could be reversed. We are pleased to be joining forces with GSK, a leader in respiratory and inflammatory drivers of disease, who shares our vision of HS235’s potential to transform the treatment of this debilitating condition.” 

In addition to its pulmonary indications, HS235 may offer broader metabolic benefits, including fat-selective weight loss, lean mass preservation, and improved insulin sensitivity, as suggested by early clinical findings. Under the agreement, GSK will acquire 100% of 35Pharma’s equity for $950 million in cash at closing. The transaction remains subject to customary regulatory approvals in the United States and Canada, including clearance under the Hart-Scott-Rodino Act and the Competition Act, as well as review under the Investment Canada Act.