(Reuters) – British drugmaker GSK said on Monday it would pay up to $1.15 billion to buy Boston-based biopharmaceutical company IDRx, which is developing a drug for a rare type of tumor.
IDRx, a privately held biotechnology company, is developing a therapy for the treatment of gastrointestinal stromal tumors.
The deal, which includes an upfront payment of $1 billion, will add to GSK’s growing portfolio in gastrointestinal cancers.
The British drugmaker, struggling with a slump in its vaccine business, has stepped up its cancer treatment efforts in recent years.
“This acquisition is consistent with our approach to acquiring assets that address validated targets and where there is a clear unmet medical need, despite existing approved products,” GSK’s chief commercial officer, Luke Miels, said in a statement.
