A Strategic Bet on Pulmonary Hypertension
GSK has struck a deal to acquire 35Pharma, a biotechnology company specializing in treatments for pulmonary hypertension, for $950 million. The acquisition represents one of the largest biopharma deals of 2026 so far and signals GSK's strategic intent to strengthen its position in respiratory and cardiovascular disease — areas where the London-based pharmaceutical giant has historically been a major player.
Pulmonary hypertension is a serious, progressive condition characterized by abnormally high blood pressure in the arteries of the lungs. The elevated pressure forces the right side of the heart to work harder to pump blood through the lungs, eventually leading to right heart failure if untreated. The disease affects an estimated 50 to 70 million people globally across its various forms, though exact prevalence figures are difficult to pin down because the condition is frequently underdiagnosed.
Current treatments can slow the progression of the disease and improve symptoms, but they do not cure it. Most patients require lifelong therapy with one or more medications, and many eventually face the need for lung transplantation. The market for pulmonary hypertension drugs is substantial — valued at approximately $8 billion annually — but significant unmet medical need remains, particularly in forms of the disease that do not respond well to existing therapies.
What 35Pharma Brings to GSK
35Pharma's pipeline includes both clinical-stage and preclinical programs targeting novel biological pathways involved in pulmonary hypertension. The company's lead candidate is in late-stage clinical trials and has shown promising efficacy data in patient populations with limited treatment options. Details about the specific mechanism of action and trial results were not fully disclosed in the acquisition announcement, but industry analysts have described the data as compelling enough to justify the premium valuation.
Beyond the lead program, 35Pharma has built a research platform focused on understanding the cellular and molecular mechanisms that drive pulmonary vascular remodeling — the process by which the walls of the pulmonary arteries thicken and stiffen, progressively narrowing the vessels and driving up blood pressure. This platform has generated a portfolio of preclinical assets that target different aspects of the remodeling process, giving GSK multiple shots on goal in a disease area with significant commercial potential.
The acquisition also brings specialized expertise. 35Pharma has assembled a team of researchers and clinicians with deep knowledge of pulmonary hypertension biology and drug development, including experience running clinical trials in a patient population that can be difficult to recruit and manage. This expertise will be valuable as GSK integrates the pipeline and advances programs through clinical development.
GSK's Respiratory and Cardiovascular Strategy
The deal fits squarely into GSK's broader strategy of building strength in therapeutic areas where it has existing commercial infrastructure and scientific expertise. The company has long been a leader in respiratory medicine, with blockbuster franchises in asthma and chronic obstructive pulmonary disease (COPD). Adding pulmonary hypertension to this portfolio creates natural synergies in both research and commercialization.
GSK has been active in business development over the past year, making several acquisitions and partnerships aimed at refreshing its pipeline as key products face patent expirations. The company has stated that it intends to allocate a significant portion of its capital to bolt-on acquisitions in areas of strategic focus, and pulmonary hypertension clearly qualifies.
The cardiovascular component of the deal is also significant. GSK's cardiovascular portfolio has been thinner than its respiratory one, and pulmonary hypertension sits at the intersection of both therapeutic areas. The right heart failure that characterizes advanced pulmonary hypertension is a cardiovascular condition, and some of the pathways targeted by 35Pharma's pipeline have potential relevance to other forms of heart failure as well.
The Competitive Landscape
GSK is not the only pharmaceutical company eyeing pulmonary hypertension. Johnson & Johnson acquired Actelion — then the market leader in the space — for $30 billion in 2017, and its products remain the standard of care for many patients. United Therapeutics, which pioneered prostacyclin-based therapies for the disease, continues to be a major competitor. And several mid-size biotechs are advancing novel candidates through clinical trials.
The $950 million price tag for 35Pharma reflects both the commercial opportunity and the competitive dynamics. Acquiring a company with late-stage clinical assets in a validated therapeutic area is inherently expensive, and the premium is further justified by the strategic value of establishing a foothold in a market dominated by a small number of well-established players.
For GSK, the acquisition is a bet that its ability to develop and commercialize drugs globally — with sales forces and distribution networks in virtually every major market — will allow it to extract more value from 35Pharma's pipeline than the biotech could have achieved independently. This is the standard playbook for big pharma acquisitions, and GSK's track record in respiratory medicine suggests it has the capabilities to execute.
What This Means for Patients
For the pulmonary hypertension patient community, the acquisition is cautiously welcome news. When a major pharmaceutical company acquires a biotech with promising clinical programs, it typically accelerates the path to market by providing the resources — financial, operational, and regulatory — needed to complete large-scale clinical trials and navigate the approval process. Patients have reason to hope that 35Pharma's most advanced programs will reach them sooner under GSK's ownership than they would have as an independent company.
At the same time, patient advocates will be watching to ensure that GSK maintains the focus and urgency that characterized 35Pharma's independent development efforts. Acquisitions can sometimes result in pipeline reshuffling, where programs are delayed, deprioritized, or discontinued as they are integrated into the acquiring company's broader portfolio. GSK has indicated that it intends to invest in and accelerate the 35Pharma programs, but delivering on that commitment will be the true test.
Financial Terms and Timeline
The $950 million acquisition price will be paid in cash at closing, with the deal expected to be finalized in the second quarter of 2026 pending regulatory approvals. GSK has stated that it expects the acquisition to be accretive to earnings by 2028, assuming successful progression of the lead program through late-stage clinical trials and regulatory review.
The deal adds to what has been a busy start to 2026 for biopharma M&A. Several other significant acquisitions have been announced in recent weeks, suggesting that the industry-wide drive to replenish pipelines through dealmaking is showing no signs of slowing down. For GSK, the 35Pharma acquisition is one piece of a larger puzzle — but it is a piece that fits particularly well.
This article is based on reporting by endpoints.news. Read the original article.
