British pharmaceutical giant GSK has agreed to acquire a cancer drug from Chinese firm Chimagen Biosciences in a deal worth up to US$750 million, underscoring China’s emergence as a global player in biotechnology.
GSK announced plans on Tuesday to buy full global rights to a “potential best-in-class” T-cell engager (TCE) from Chengdu-based Chimagen, targeting treatment for multiple myeloma, a type of blood cancer.
TCEs work by binding T cells, a kind of white blood cell, directly to cancer cells, triggering the immune system to attack the cancer. While current TCEs are effective at treating multiple myeloma, they often cause major side effects, and Chimagen’s new drug shows promise in both improved tolerability and more durable results, according to GSK.
GSK will pay an undisclosed upfront fee to develop and commercialise Chimagen’s new TCE assets, followed by payments based on the drug’s successful development and commercialisation, the company said. The programme is expected to enter phase one trials next year.