GSK Acquires 35Pharma for $950 Million to Bolster Pipeline with Pulmonary Hypertension Drug

GSK (GlaxoSmithKline) has entered a definitive agreement to acquire 35Pharma Inc., a Canada-based clinical-stage biopharmaceutical company, for $950 million in cash. The acquisition aims to strengthen GSK’s pipeline, particularly in the area of cardiopulmonary diseases, with the lead candidate HS235.

Deal Details and HS235

The deal, announced on February 25, 2026, includes HS235, an investigational medicine currently in Phase I clinical trials. Studies are slated to begin shortly focusing on pulmonary arterial hypertension (PAH) and pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF). GSK describes HS235 as a potentially best-in-class activin signaling inhibitor.

Pulmonary Hypertension: A Significant Unmet Need

Pulmonary hypertension (PH) is a progressive and life-shortening disease characterized by high blood pressure in the lungs. Symptoms include breathlessness, fatigue and chest pain, ultimately leading to heart failure. Approximately 82 million people worldwide are affected by various forms of PH, but treatment options are limited, with a five-year survival rate of around 50%.

Market Opportunity and HS235’s Potential

The global market for PH therapies is projected to reach $18 billion by 2032, with activin signaling inhibitors expected to comprise 50% of that market. HS235 targets the activin receptor signaling pathway, a validated therapeutic target in PH. The drug offers the potential to treat PH patients while reducing the risk of bleeding and providing unique metabolic benefits compared to existing therapies.

GSK’s Strategic Acquisitions

This acquisition marks the second significant transaction under the leadership of GSK’s new CEO, Luke Miels, who assumed the role in January 2026. Last month, GSK acquired US-based Rapt Therapeutics for $2.2 billion. These moves reflect Miels’ strategy to convince investors of GSK’s ability to achieve its ambitious 2031 revenue target of £40 billion, following reported revenues of £32.7 billion in the previous year.

Addressing Patent Expiry Risks

GSK is proactively addressing potential revenue declines due to upcoming patent expirations on its HIV medicine, dolutegravir, between 2028 and 2030 in the US and Europe. The acquisition of 35Pharma expands GSK’s portfolio in respiratory, immunology, and inflammation – a key strategic area for the company.

GSK shares rose 0.2 percent in morning trading following the announcement and have increased by a fifth this year.