LONDON (dpa-AFX) - British drug major GSK plc (GSK, GSK.L) announced Tuesday that it has entered an agreement to acquire a potential best-in-class trispecific T cell-engager or TCE for multiple myeloma from privately held clinical-stage biotechnology firm Chimagen Biosciences. The agreement has a total potential value of up to $750 million.
Under the deal terms, GSK will pay an upfront fee to acquire full global rights to the TCE programme. Chimagen will also be eligible to receive success-based development and commercial milestone payments. The agreement is subject to customary closing conditions.
GSK said it plans to develop and commercialise the asset for multiple myeloma, with the programme expected to enter phase I trials in 2027.
Multiple myeloma, the third most common blood cancer globally, generally is considered treatable, but it is not currently curable. According to GSK, research into new therapies is vital as the disease commonly becomes refractory to available treatments.
The company noted that TCEs have shown transformational efficacy in multiple myeloma but have been associated with difficult tolerability profiles. The Chimagen trispecific asset is designed to address this by binding to T cells while simultaneously targeting two strategically selected and validated tumour-associated antigens.
GSK added that the US TCE market for multiple myeloma is expected to exceed $10 billion by 2032.
Hesham Abdullah, Senior Vice President, Global Head Oncology, R&D, GSK, said, 'Today's deal secures a promising T cell engager and advances GSK's leadership goals in blood cancer. The agreement complements our existing portfolio in multiple myeloma, adding a new potential option to address the different needs of patients facing this complex disease.'
Previously, GSK had agreed with Chimagen to acquire CMG1A46, a clinical-stage dual CD19 and CD20-targeted TCE currently in phase I trials for B-cell malignancies and B-cell dependent autoimmune disorders.
In the overnight activity on the NYSE, GSK shares were gaining around 0.92 percent, trading at $50.51, extending the 4% gain on Monday's regular trading close.
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