London: British drug maker GSK announced its plan to acquire the US biopharmaceutical company IDRx for up to $1.15 billion. The acquisition is aimed at enhancing GSK's portfolio in the field of oncology, particularly focusing on gastrointestinal stromal tumors.

According to Anadolu Agency, the Boston-based IDRx is currently developing therapeutics designed to treat gastrointestinal stromal tumors. As part of the agreement, GSK will make an upfront payment of $1 billion, with an additional possibility of $150 million in milestone payments based on the achievement of certain development goals.

GSK's Chief Commercial Officer, Luke Miels, emphasized the strategic value of the acquisition, stating that it aligns with GSK's approach to acquiring assets that target validated medical needs which are not fully addressed by existing treatments. This acquisition is expected to bolster GSK's capabilities in addressing unmet medical needs in oncology.

Tim Clackson, CEO of IDRx, expressed optimism about the partnership, highlighting the potential advancements for patients with gastrointestinal stromal tumors (GIST). Clackson noted that there have been no significant improvements in the standard of care for GIST in nearly two decades. By combining IDRx's ongoing efforts with GSK's expertise in gastrointestinal cancers and global development capabilities, the partnership aims to accelerate the development of IDRX-42, a promising therapy for GIST patients.