LONDON — Seeking to build up its cancer business, GSK said Monday it is buying the privately held U.S. biotech IDRx for $1 billion upfront.
The deal, which includes another $150 million in milestone payments, gives GSK an experimental treatment for a rare gastrointestinal cancer.
The announcement comes as much of the biopharma world gathers in San Francisco for the J.P. Morgan Healthcare Conference. Companies and investors are looking for M&A to provide a jolt of energy to the industry, and while the GSK deal will generate headlines, the $1 billion acquisition continues a streak of relatively paltry purchases in recent months compared to the megadeals of past years.
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