**Summary**
GSK plc announced on February 25, 2026, that it has entered into an agreement to acquire 35Pharma Inc., a Canadian clinical-stage biopharmaceutical company, for $950 million in cash. The acquisition includes HS235, a potentially best-in-class activin signaling inhibitor in clinical development for treating cardiopulmonary diseases, particularly pulmonary hypertension (PH). HS235 offers a differentiated profile by reducing the risk of bleeding and providing metabolic benefits, addressing key limitations of current PH therapies. The drug has completed Phase I trials and is set to begin studies in pulmonary arterial hypertension (PAH) and PH due to heart failure with preserved ejection fraction (PH-HFpEF).
PH affects approximately 82 million people globally, with limited treatment options and a five-year survival rate of around 50%. The global PH therapies market is projected to reach $18 billion by 2032, with activin signaling inhibitors expected to account for 50%. HS235’s mechanism targets the activin receptor pathway, reducing adverse events associated with current treatments, and offers additional metabolic benefits such as fat-selective weight loss and improved insulin sensitivity.
The acquisition strengthens GSK’s Respiratory, Immunology, and Inflammation (RI&I) portfolio, providing scalable opportunities to address metabolic, inflammatory, vascular, and fibrotic drivers of chronic diseases affecting the lung, liver, and kidney. The transaction is subject to regulatory approvals in the US and Canada and is expected to close pending customary conditions.