British pharmaceutical giant GSK announced Monday it will acquire US-based IDRx for up to $1.15 billion, marking a strategic move to bolster its oncology pipeline.
IDRx, based in Boston, specialises in developing treatments for rare cancers, including gastrointestinal stromal tumors (GIST).
GSK’s acquisition focuses on IDRX-42, an experimental drug aimed at addressing GIST, a cancer type with limited treatment options. “We are excited by the early data from IDRX-42,” said Tony Wood, GSK’s Chief Scientific Officer, highlighting the potential of the drug in a market with significant unmet need.
In a statement the IDRx CEO Tim Clackson expressed optimism about the partnership, noting, “GIST has seen no major advances to the standard of care for almost 20 years.”
He emphasized that GSK’s “global clinical development capability and strong commercial presence in oncology” would accelerate the drug’s advancement.
The acquisition comes as GSK faces challenges in markets like Nigeria, where it ceased operations in August 2023, citing the transition to a third-party distribution model for its products. This move aligns with GSK’s broader strategy to focus on high-growth areas like oncology, particularly rare cancers.
As part of the agreement, GSK will acquire both the drug and IDRx’s research assets, expanding its position in the oncology field. The deal is expected to close in the first half of 2025.
