GSK agreed to acquire 35Pharma for $950 million in cash to obtain HS‑235, a protein‑based candidate targeting the activin receptor signaling pathway for pulmonary hypertension (PH). The acquisition moves HS‑235—phase‑I ready—into GSK’s respiratory, immunology and inflammation pipeline and positions the drug alongside other recent PAH entrants. GSK highlighted HS‑235’s reported effects in early studies, including restoration of heart function and exercise tolerance with metabolic benefits such as visceral fat reductions and preservation or gain of lean mass. GSK’s chief scientific officer Tony Wood framed the asset as potentially best‑in‑class with a differentiated safety and metabolic profile, and said the company will follow with patient trials for PAH and PH‑HFpEF. For 35Pharma, the deal provides an early‑stage exit with near‑term capital and development resources to advance HS‑235 into disease‑focused trials.