GSK to Acquire 35Pharma in $950 Million Deal to Strengthen Pulmonary Hypertension Pipeline
GSK plc has announced an agreement to acquire 35Pharma Inc., a Canada-based, private, clinical-stage biopharmaceutical company.
The deal brings HS235, a potential best-in-class investigational therapy, into GSK’s pipeline.
Why This Deal Matters?
Pulmonary hypertension is a progressive, life-shortening disease. Despite its scale, treatment options remain limited.
Key facts shaping the opportunity:
Around 82 million people are affected globally
Five-year survival rates hover near 50%
The PH therapy market could reach $18 billion by 2032
Activin signalling inhibitors may capture 50% of that market
This acquisition directly targets that gap.
HS235: A Differentiated Approach to PH
HS235 has completed Phase I healthy volunteer trials. Studies in patients are set to begin imminently.
Initial focus indications include:
Pulmonary Arterial Hypertension (PAH)
PH-HFpEF
HS235 targets the activin receptor signalling pathway, a validated mechanism in PH.
Designed to Reduce Bleeding Risk
Existing therapies often interfere with BMP9 and BMP10. That interaction is linked to bleeding and vascular side effects.
HS235 is engineered for enhanced selectivity, aiming to:
Reduce binding to BMP9 and BMP10
Lower bleeding risk
Improve suitability for patients on anticoagulants or antiplatelets
This could address a major limitation in current PH care.
Beyond Pulmonary Hypertension: Metabolic Upside
Early clinical data suggest broader metabolic benefits.
Observed effects include:
Fat-selective weight loss
Preservation of lean muscle mass
Improved insulin sensitivity
Favorable changes in inflammation and adipokines
These benefits are particularly relevant given obesity and insulin resistance in PH patients.
Strategic Fit for GSK’s R&D Vision
Tony Wood, Chief Scientific Officer at GSK, highlighted HS235’s differentiated profile. The asset supports GSK’s ambition across:
Metabolic drivers
Inflammatory pathways
Vascular dysfunction
Fibrotic disease mechanisms
This opens development opportunities beyond lung disease.
35Pharma’s Perspective
According to CEO Ilia Tikhomirov, advances in PH biology have reshaped treatment possibilities. Partnering with GSK accelerates HS235’s potential to transform care for a debilitating condition.
Deal Terms at a Glance
Acquisition value: $950 million
Structure: 100% equity purchase
Payment: Cash at closing
Conditions:
US clearance under the Hart-Scott-Rodino Act
Canadian review under the Competition Act
Filing under the Investment Canada Act
The Bigger Picture
PH is treated in specialised academic centres. Care sits at the intersection of pulmonology and cardiology. In the US alone:
Addressable PAH and PH-HFpEF patients number around 100,000
HS235 positions GSK to compete meaningfully in this underserved market.
Bottom line: GSK is buying more than an asset. It is buying optionality across pulmonary, metabolic, and inflammatory disease pathways.