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British drug maker GSK to acquire US biopharmaceutical company IDRx for USD1.15B
(MENAFN) On Monday, UK-based drug maker GSK stated that it is going to acquire US biopharmaceutical firm IDRx for up to USD1.15 billion.
The Boston-based biotechnology company is creating therapeutics for the cure of gastrointestinal stromal tumors.
GSK is going to pay USD1 billion in advance, with the likelihood of a USD150 million consequent landmark 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 stated in a declaration.
“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," noted Tim Clackson, the Chief Executive Officer 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 further mentioned.
The Boston-based biotechnology company is creating therapeutics for the cure of gastrointestinal stromal tumors.
GSK is going to pay USD1 billion in advance, with the likelihood of a USD150 million consequent landmark 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 stated in a declaration.
“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," noted Tim Clackson, the Chief Executive Officer 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 further mentioned.
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