13th Jan 2025 09:08
(Alliance News) - GSK PLC on Monday said it has agreed to acquire Boston, Massachusetts-based IDRx Inc in a deal that will add to its "growing portfolio in gastrointestinal cancers".
The Brentford, England-based pharmaceutical and biotechnology firm said it will pay USD1.00 billion upfront for IDRx, a developer of precision therapeutics for the treatment of gastrointestinal stromal tumours.
There is the potential for an additional USD150 million "success-based regulatory approval milestone payment".
Under the terms of the deal, GSK will gain full control of IDRx's outstanding equity interests. It also noted it will be responsible for both the milestone payments and tiered royalties for IDRX-42, owed to Darmstadt, Germany-based Merck KGaA.
IDRX-42 is IDRx's lead asset. It is a highly selective KIT tyrosine kinase inhibitor being developed to combat GIST, a condition with an annual incidence of 80,000 to 120,000 new diagnoses per year.
IDRX-42 is currently part of a phase 1/1b trial in patients with advanced GIST, with recent data from the StrateGIST 1 trial presented at the Connective Tissue Oncology Society 2024 annual meeting showcasing "promising anti-tumour activity" alongside a "manageable safety profile".
GSK noted that IDRX-42 has the potential to address "all key KIT mutations in GIST that drive tumour growth".
The deal is subject to regulatory clearances. GSK did not provide a timeframe for when the acquisition is expected to complete.
GSK shares were down 0.8% at 1,338.50 pence on Monday morning in London.
GSK Chief Commercial Officer Luke Miels said: "IDRX-42 complements our growing portfolio in gastrointestinal cancers. 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."
By Christopher Ward, Alliance News reporter
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