Drugmaker GSK has agreed to pay up to 1.15 billion US dollars (£950 million) for a US-based biopharmaceutical company which is developing rare cancer therapies.
GSK said the acquisition of IDRx will help it target a “major gap in the current standard of care” related to gastrointestinal cancers.
Massachusetts-based IDRx has been developing precision therapeutics for the treatment of gastrointestinal stomal tumours, which is a less common type of gastrointestinal cancer that forms in cells of the digestive tract wall.
Between 4,000 to 6,000 people are diagnosed with the cancer each year in the US, according to the American Cancer Society.
GSK’s acquisition of IDRx will include IDRX-42 which is currently being developed and trialled as therapy for the treatment of gastrointestinal stomal tumours.
The pharmaceutical firm, which is the second-biggest in the UK behind AstraZeneca, said IDRX-42 “complements our growing portfolio in gastrointestinal cancers”.
Luke Miels, GSK’s chief commercial officer, said: “This acquisition is consistent with our approach of acquiring assets that address validated targets and where there is clear unmet medical need, despite existing approved products.”
Tony Wood, GSK’s chief scientific officer, said the company was “excited by the early data” from the drug therapy which targets mutations of the cancer, currently “a major gap in the current standard of care”.
“We look forward to accelerating its development in 2025 to redefine treatment,” he said.
GSK will pay one billion US dollars (£820 million) upfront to acquire the equity interests of IDRx, with the potential for an extra 150 million dollars (£124 million) paid depending on the success of being granted regulatory approval.
