GSK agreed to license Hutchmed’s KRAS/EGFR antibody conjugate HMPL-A830 in a deal valued up to about $1.295 billion, plus royalties. The transaction expands GSK’s ADC ambitions beyond its current portfolio and adds a dual-target payload concept aimed at EGFR-expressing tumors. Under the terms, GSK pays $110 million upfront for the preclinical asset. The construct links an anti-EGFR antibody to a KRAS inhibitor payload designed to deliver directly to EGFR-expressing cells while simultaneously blocking EGFR and KRAS signaling. For Hutchmed, the agreement extends its external validation of its conjugate platform and underscores ongoing competition among large pharma companies to secure next-generation combination mechanisms before pipeline inflection points.