JPM 2025: GSK shells out $1.15bn to buy oncology firm IDRxJPM 2025: GSK shells out $1.15bn to buy oncology firm IDRx

The J.P. Morgan (JPM) Healthcare conference is taking place in San Francisco, California this week and, as always, is buzzing with deals. And one of those happens to be GlaxoSmithKline’s (GSK’s) agreement to pay up to $1.15 billion for Boston-based clinical-stage biopharmaceutical firm, IDRx.

IRDx is focused on developing drugs to treat gastrointestinal stromal tumors (GIST) and under the terms of the deal GSK will gain lead candidate IDRX-42. IRDX-42 is a tyrosine kinase inhibitor (TKI) that has the potential to tackle KIT mutations in GIST that advance tumor progression.

GIST is usually present in the GI tract with around 80% of cases advanced by mutations in the KIT gene. This leads to the growth, production, and survival of tumor cells (primary or activing mutations). There are no approved TKIs that prevent the entire spectrum of clinically relevant primary and secondary mutations in KIT.

“IDRX-42 complements our growing portfolio in gastrointestinal cancers. 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,” said Luke Miels, chief commercial officer, GSK.

GSK already has therapies in development that target GI cancers. This includes monoclonal antibody (mAb) Jemperli (dostarlimab) and B7-H3-targeted antibody-drug conjugate (ADC), GSK5764227.

IRDX-42 is currently in a Phase I/Ib trial, which is said to have demonstrated “promising” anti-tumor activity in individuals with advanced GIST. In November 2024, the US Food and Drug Administration (FDA) awarded IDRX-42 with fast track designation for the treatment of GIST after disease advancement on/or intolerance to imatinib, as well as Orphan Drug designations.

“We are excited by the early data from IDRX-42 and its unique ability to target all clinically relevant KIT mutations present in GIST, a major gap in the current standard of care. We look forward to accelerating its development in 2025 to redefine treatment,” said Tony Wood, chief scientific officer, at GSK.

In addition to the $1 billion upfront payment, IRDx has the potential to receive $150 million dependent on specific milestones. Moreover, GSK will be responsible for success-based milestone payments as well as tiered royalties for IDRX-42 owed to Germany’s Merck KGaA.

“We are looking forward to working with GSK to advance IDRX-42 for patients with GIST given there have been no major advances to the standard of care for almost 20 years. Combining our experience to date with GSK’s expertise in GI cancers, global clinical development capability, and strong commercial presence in oncology will help to accelerate the development of this novel medicine for patients,” Tim Clackson, CEO of IDRx, said.