On Monday, GSK (NYSE: GSK), the British drugmaker, said it would pay up to $1.15 billion to buy Boston-based biopharmaceutical firm IDRx, which is developing a treatment for a rare type of tumor.
IDRx, a privately held biotechnology firm, is developing a therapy for treating gastrointestinal stromal tumors.
The deal, which includes an upfront payment of $1 billion, will expand GSK’s portfolio of gastrointestinal cancer drugs.
The British drugmaker, which has been grappling with a decline in its vaccine businesses, has stepped up its efforts in cancer treatment in recent years.
“This acquisition is consistent with our approach of acquiring assets that address validated targets and where there is clear unmet medical need, despite existing approved products,” GSK’s Chief Commercial Officer, Luke Miels, said in a statement.
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