NEW YORK
British drug maker GSK on Monday said it will buy US biopharmaceutical company IDRx for up to $1.15 billion.
The Boston-based biotechnology firm is developing therapeutics for the treatment of gastrointestinal stromal tumors.
GSK will make a $1 billion upfront payment, with the possibility of a $150 million follow-on milestone payments.
“This acquisition is consistent with our approach of acquiring assets that address validated targets and where there is clear unmet medical need, despite existing approved products,” GSK’s Chief Commercial Officer Luke Miels said in a statement.
“We are looking forward to working with GSK to advance IDRX-42 for patients with GIST given there have been no major advances to the standard of care for almost 20 years,” said Tim Clackson, CEO of the privately-held IDRx.
“Combining our experience to date with GSK’s expertise in GI cancers, global clinical development capability, and strong commercial presence in oncology will help to accelerate the development of this novel medicine for patients,” he added.
