Investing.com -- British pharmaceutical company GSK announced on Monday that it plans to acquire Boston-based biopharmaceutical firm IDRx for up to $1.15 billion. This move is part of GSK's ongoing efforts to strengthen its portfolio in the field of gastrointestinal cancers.
IDRx, a privately owned biotechnology company, is currently developing a novel therapy for the treatment of gastrointestinal stromal tumors, a rare type of cancer. The acquisition deal includes an upfront payment of $1 billion.
GSK has been experiencing a downturn in its vaccine business and has been focusing on enhancing its presence in the cancer treatment sector in recent years. This acquisition aligns with that strategy.
Luke Miels, GSK's Chief Commercial Officer, stated that the acquisition is in line with the company's strategy of acquiring assets that address validated targets and fulfill unmet medical needs, even when approved products exist.
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