GSK (GSK) Acquisition presentation summary

Strategic rationale and market opportunity

• Acquisition of 35Pharma brings HS235, a next-generation activin signaling inhibitor for cardiopulmonary diseases.

• Pulmonary hypertension (PH) has high unmet need, with 5-year survival rates often around 50%.

• PH market projected to reach $18bn, with activin signaling inhibitors expected to account for about 50%.

• HS235 targets both Group 1 and Group 2 PH, where current treatment options are limited or non-existent.

• Acquisition leverages existing expertise in respiratory and fibrosis biology, expanding into cardiopulmonary medicine.

Product profile and clinical development

• HS235 completed Phase I trials in healthy volunteers, showing favorable safety and pharmacodynamics.

• Early data indicate no evidence of bleeding-related adverse events and lower erythropoietic signal.

• Differentiated by sparing BMP-9 and BMP-10, potentially reducing bleeding and improving tolerability.

• Proof-of-concept studies in PAH and PH-HFpEF to begin soon, with data expected in 2027.

• Potential cardio-metabolic benefits include maintenance of muscle mass and improved biomarkers.

Financial and operational considerations

• Deal valued at $950 million, with transaction expected to close by Q2 2026.

• Go-to-market strategy will focus on PH centers of excellence, with about 100 centers in the US.

• Specialty launch investment will target pulmonologists and cardiologists managing severe PH.

• HS235 expected to expand the treatable population, especially those at risk for bleeding or on anticoagulants.

• Integration into the RI&I portfolio aims to address metabolic, inflammatory, vascular, and fibrotic drivers of chronic diseases.