GSK and 35Pharma
Type: Acquisition
Buyer: GSK plc
Seller: 35Pharma Inc.
Focus: HS235
Deal value: $950M
Financial impact: The deal adds HS235, an early-stage pulmonary hypertension therapy, to GSK plc’s pipeline, with potential to generate strong future revenue in a market projected to reach about $18 billion by 2032.
GSK plc has announced the acquisition of 35Pharma in a $950 million cash deal to strengthen its pulmonary hypertension pipeline. The transaction marks the second major strategic move under new CEO Luke Miels.
The acquisition centers on HS235, an investigational therapy for pulmonary hypertension—a serious, life-shortening condition affecting more than 80 million people worldwide. As a result, this development is being closely monitored within the respiratory and cardiovascular treatment landscape.
HS235
HS235 is an activin receptor ectodomain (ActR) Fc-fusion protein developed by 35Pharma for obesity, pulmonary arterial hypertension (PAH), and heart failure with preserved ejection fraction (HFpEF) associated with obesity.
HS235: A Selective Activin–GDF Ligand Trap Targeting Obesity, PAH, and HFpEF
HS235 functions as a multi-specific activin–GDF ligand trap, blocking disease-driving activins and growth differentiation factors (GDFs) while preserving BMP-9 and BMP-10, which are essential for vascular and lymphatic integrity. Because elevated activin and GDF signaling contribute to pulmonary hypertension, heart failure, and obesity, dual ligand inhibition is intended to address compensatory pathway mechanisms.
HS235 is engineered for high selectivity, strong potency, and an extended half-life, aiming to promote fat loss without reducing skeletal muscle mass. Clinical development is ongoing in Canada for obesity, PAH, and HFpEF. Although early research in musculoskeletal disorders had been initiated, this indication was no longer listed in the company’s pipeline as of November 2024, suggesting development in that area has been discontinued.
Eleven years' market revenue of GSK Plc.
GSK plc saw a sharp revenue decline from 2021 to 2022 due to two main factors: normalization of COVID-related vaccine and treatment sales after strong 2021 demand, and the mid-2022 spin-off of its consumer health business, Haleon, which reduced the reported revenue base.
From 2022 onward, revenue recovered, driven by stronger performance in vaccines and specialty medicines (HIV, respiratory, oncology), new product launches and approvals, and improved operational execution.
In 2024, revenue continued to grow year-on-year in both USD and GBP terms, while 2025 guidance indicated ongoing but more moderate growth.
Overall, trends across 2021–2025 reflect portfolio restructuring, post-pandemic demand normalization, competitive and regulatory dynamics, and pricing pressures in key markets.
Eleven years market revenue of GSK Plc.(2015-2025)
Fig 4 : Market revenue of GSK Plc.
Market Impact of This Partnership
GSK’s acquisition of 35Pharma was met with a modest rise in its share price, reflecting positive investor sentiment and confidence in the company’s long-term growth. The deal expands GSK’s pipeline in high-growth areas such as respiratory, immunology, and inflammation, notably adding HS235, a potential next-generation therapy for pulmonary hypertension. Analysts view the acquisition as a strategic move to offset future revenue declines and strengthen GSK’s market position. If HS235 successfully progresses through clinical development, it could enhance GSK’s competitiveness and market share in pulmonary hypertension, reinforcing the company’s focus on innovative, high-potential therapies and long-term growth.
“GSK’s acquisition of 35Pharma strengthens its pipeline in high-growth areas and reinforces its focus on innovative therapies for long-term growth.”