GSK, a British pharmaceutical company, announced on Monday that it will spend up to $1.15 billion to buy IDRx, which is based in Boston. IDRx is a biotech company that is working on a new treatment for a rare type of tumor called gastrointestinal stromal tumors (GIST).
The deal includes an immediate payment of $1 billion and will help GSK grow its collection of treatments for cancers in the stomach area. GSK has been facing challenges with its vaccine business but is now focusing more on cancer treatments.
According to Luke Miels, GSK’s Chief Commercial Officer, this purchase aligns with their strategy to acquire projects that target important health needs, even when similar products are already available.
Leave a Reply