SNAPSHOT

GSK breathes life into its pulmonary hypertension pipeline with a $950M bet on Winrevair rival

GSK is acquiring Canadian biotech 35Pharma for $950 million in cash, gaining HS235, a phase 1-stage drug targeting the activin receptor pathway for pulmonary arterial hypertension (PAH) and related conditions.

Why it matters: PAH remains a serious, high-unmet-need disease, and Merck’s Winrevair generated $1.4 billion last year. If HS235 can match or outperform it, especially with fewer side effects, GSK could secure a major new growth driver.

Backstory: The deal marks GSK’s second biotech acquisition in two months under new CEO Luke Miels, who has prioritized “smart business development” to accelerate R&D. In January, GSK bought Rapt Therapeutics for $2.2 billion and its anti-IgE antibody. This week, it also agreed to pay $40 million for oligonucleotides from Frontier Biotechnologies.

Big picture: GSK is targeting assets that compete with existing blockbusters, but with differentiation. HS235 mirrors Merck’s Winrevair strategy, while Rapt’s antibody targets the same epitope as Novartis and Roche’s Xolair. The approach: improve on proven mechanisms to capture market share.

Zoom in: HS235 has completed a phase 1 trial in healthy volunteers and is preparing for patient studies in PAH and pulmonary hypertension linked to heart failure. Like Winrevair, it targets the activin receptor signaling pathway. It is engineered for enhanced selectivity to reduce binding to BMP9 and BMP10 ligands associated with bleeding and vascular side effects. Early data showed dose-dependent reductions in visceral fat, preservation or gains in lean mass, and sustained target engagement. GSK hopes the drug may also reduce bleeding risk, improve insulin sensitivity, and support weight management.

What’s next: HS235 will move into patient trials as GSK integrates the asset into its respiratory, immunology and inflammation portfolio. GSK´s CEO Luke Miels is implying even more pipeline expansion by signaling more deals ahead with an emphasis on accelerating R&D.

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