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GSK PLC on Monday said it has completed the acquisition of Boston, Massachusetts-based precision therapeutics firm IDRx Inc, adding to its growing portfolio of treatments for gastrointestinal cancers. The Brentford, England-based pharmaceutical and biotechnology firm said the total cash consideration for IDRx is up to $1.15 billion, including an upfront payment of $1 billion. There is also the possibility for an additional $150 million milestone payment contingent upon success-based regulatory approval, GSK said. Under the terms of deal first announced in January, the acquisition includes IDRx’s lead asset, IDRX-42, a highly selective KIT tyrosine kinase inhibitor being developed to combat gastrointestinal stromal tumours. GIST is a condition with an annual incidence of 80,000 to 120,000 new diagnoses per year. GSK noted that IDRX-42 has been granted fast track designation by the US Food & Drug Administration for the treatment of patients with GIST following disease progression or intolerance to chemotherapy treatment, imatinib. GSK will be responsible for success-based milestone payments, as well as tiered royalties for IDRX-42 owned to Darmstadt, Germany-based pharmaceutical firm Merck KGaA. GSK Senior Vice President Hesham Abdullah commented: ‘This acquisition adds to GSK’s growing pipeline of targeted therapeutics for cancers originating in the gastrointestinal tract. ‘We plan to advance IDRX-42 for second line treatment of gastrointestinal stromal tumours, where there are no approved treatments to effectively address all resistance mutations, and accelerate development in an earlier setting.’ GSK on Monday also said it has start the £2 billion buyback programme that it announced earlier this month, starting with an initial £700 million tranche. The first tranche is expected to be completed by June 13, with the whole programme anticipated to end within 18 months of February 5, the firm’s 2024 results date. The first tranche will be run by Citigroup Global Markets Ltd. GSK shares were up 2.1% at 1,459.00 pence on Monday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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