GSK buys 35Pharma for $950M to expand into pulmonary hypertension

What's the deal? GSK has agreed to acquire Canadian biotech 35Pharma for $950 million in cash, adding an early-stage pulmonary hypertension drug to its pipeline. The lead asset, HS235, has completed early clinical trials for multiple forms of high blood pressure in the lungs.

Pulmonary hypertension can lead to heart failure, and treatment options remain limited. Analysts estimate the global market could reach $18 billion by the early 2030s.

GSK says HS235’s mechanism may also offer metabolic benefits, including potential weight-related effects, positioning it near — but not directly in — the obesity drug market.

Why now? The deal is the second acquisition since Luke MielsDealroom has a profile for this one. Try Dealroom → became chief executive officer in January 2026, as he moves to bolster GSK’s pipeline ahead of key patent expiries.

Rather than entering the crowded GLP-1 weight-loss race, GSK is targeting diseases linked to obesity, such as cardiopulmonary and liver conditions.

What could go wrong? HS235 remains early stage, carrying clinical and regulatory risk. The pulmonary hypertension market already includes Merck’s Winrevair, setting a high competitive bar.

GSK is also integrating other recent deals, including its $2.2 billion purchase of RAPT Therapeutics and a licensing agreement valued at up to $1 billion with Frontier BiotechnologiesDealroom has a profile for this one. Try Dealroom →.

The signal: Big pharma is shifting its obesity strategy toward adjacent diseases rather than direct competition in GLP-1 drugs.

At $950 million, the acquisition underscores continued appetite for bolt-on biotech deals as drugmakers rebuild pipelines through targeted acquisitions.

Sources:
GSK
35Pharma
The Times
Bloomberg
Reuters
The Wall Street Journal
Fierce Biotech
TipRanks

J.V.