GSK to Acquire Experimental Blood Cancer Therapy From Chimagen in $750 Million Deal

06:55 AM EDT, 09/15/2026 (MT Newswires) -- GSK (GSK) agreed to acquire global rights to an experimental T-cell engager therapy for multiple myeloma from Chinese biotechnology company Chimagen Biosciences in a deal worth up to $750 million, as the UK drugmaker aims to strengthen its blood cancer treatment portfolio. GSK intends to develop and commercialize the asset for the potential treatment of multiple myeloma, the third most common form of blood cancer, with phase 1 trials expected to begin next year, it said Tuesday. Under the terms, GSK will pay Chimagen an upfront fee to purchase full global rights to its trispecific T cell-engager program, plus success-based development and commercial milestone payments. "Today's deal secures a promising T cell engager and advances GSK's leadership goals in blood cancer," Hesham Abdullah, senior vice president and global head of oncology research and development at GSK, said in a statement. "The agreement complements our existing portfolio in multiple myeloma, adding a new potential option to address the different needs of patients facing this complex disease." Chimagen's product is designed to address the difficult tolerability profiles usually associated with T cell-engager therapies, allowing for a wider adoption and early use in the treatment of multiple myeloma, according to GSK. The US T cell-engager market for multiple myeloma is expected to exceed $10 billion by 2032, according to forecasts cited by GSK. "Working with GSK combines our precision T-cell engager program with their global development and commercial capabilities to redefine care for multiple myeloma patients," Chimagen Chief Executive Zhenhao Zhou said. In 2024, GSK agreed to purchase Chimagen's CMG1A46 potential drug candidate for $300 million upfront and up to $550 million in potential milestone payments. The candidate is currently being evaluated for the treatment of B-cell malignancies and B-cell dependent autoimmune disorders in phase 1 studies. In a client note emailed on Tuesday, Berenberg said it's becoming "increasingly optimistic" about GSK's growth outlook following a wave of business development and pipeline momentum. The brokerage noted that 10 of GSK's 11 novel phase 3 assets are externally sourced, with six of them having the potential to generate at least 2 billion British pounds ($2.7 billion) in sales each. "We support this allocation of capital and much needed pipeline supplementation," Berenberg analysts, including Kerry Holford, wrote in the note. The brokerage upgraded its rating on GSK's stock from hold to buy. In July, GSK completed the acquisition of Nuvalent for $10.6 billion, adding three lung cancer assets to its oncology portfolio. In 2022, the company acquired Sierra Oncology, which focuses on targeted therapies to treat rare forms of cancer. In the broader industry, Merck (MRK) bought Terns Pharmaceuticals in a deal worth $6.7 billion in May, giving it access to the oncology company's lead investigational oral candidate for the potential treatment of patients with Philadelphia chromosome-positive chronic myeloid leukemia. In April, Eli Lilly (LLY) agreed to acquire Kelonia Therapeutics for up to $7 billion to bolster its cancer treatment portfolio.