GSK signed a licensing agreement with HUTCHMED for HMPL-A830, an antibody-targeted therapy conjugate designed to deliver a KRAS small-molecule inhibitor to EGFR-expressing tumors. The deal gives GSK’s subsidiary worldwide rights with HUTCHMED retaining rights in Mainland China, Hong Kong, Macau and Taiwan. Financially, the agreement includes a $110 million upfront payment and potential development, regulatory and commercial milestones totaling up to $1.295 billion, plus tiered royalties on net sales. Initial development is planned for colorectal, pancreatic and lung cancer. HUTCHMED will oversee global Phase I development starting in the second half of 2026, with GSK taking over subsequent development and commercialization in licensed territories. The company said it will use proceeds to keep investing in R&D and its oncology platform approach. Strategically, the transaction reinforces the continued shift toward dual-pathway and targeted payload delivery, while giving GSK exposure to KRAS biology through a new modality rather than a traditional small-molecule route.