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  3. Gsk To Acquire 35pharma In 950 Million Deal To Strengthen Pulmonary Hypertension Pipeline
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  • 26 Feb 2026
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  • News Article

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.

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