British medicine maker GSK purchases US biopharmaceutical firm IDRx for USD1.15B
Date
1/14/2025 1:45:44 AM
(MENAFN) British medicine producer GSK on Monday noted that it is going to purchase US biopharmaceutical firm IDRx for up to USD1.15 billion.
The Boston-originated biotechnology company is producing therapeutics for the cure of gastrointestinal stromal growths.
GSK is going to issue a USD1 billion straight payment, with the potential of a USD150 million another milestone payment.
"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 Head Commercial Officer Luke Miels noted 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," stated Tim Clackson, founder of the privately-maintained 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 also noted.
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