GSK has agreed to pay $950 million in cash to acquire 35Pharma Inc., a private Canadian biotech focused on protein-based therapeutics. The deal secures HS235, an activin signaling inhibitor that has completed phase 1 healthy volunteer studies and is set to begin trials in pulmonary arterial hypertension (PAH) and pulmonary hypertension due to heart failure with preserved ejection fraction (HFpEF).

GSK entered an exclusive global licensing deal for two small interfering RNA candidates from Frontier Biotechnologies, paying $40 million upfront and reserving up to $963 million in milestone and royalty payments. Frontier will advance one program through a China phase 1 trial and complete IND-enabling work on the second candidate, after which GSK will manage all global clinical, regulatory and commercialization activities.

Earlier this year, GSK agreed to acquire RAPT Therapeutics for an estimated $2.2 billion, gaining ozureprubart, a phase 2b anti-IgE monoclonal antibody for food allergy prophylaxis. That deal, combined with the 35Pharma and Frontier transactions, underscores GSK’s drive to bolster its immunology and respiratory portfolio through targeted M&A and licensing investments.