GSK agreed to acquire Canadian biotech 35Pharma for $950 million in cash, obtaining HS‑235, a protein‑based candidate targeting the activin receptor signaling pathway for pulmonary arterial hypertension (PAH) and related forms of pulmonary hypertension. HS‑235 completed a Phase I study in healthy volunteers and showed dose‑dependent target engagement and body‑composition effects that GSK believes could translate into clinical benefits for PAH patients. GSK positioned HS‑235 as a potential best‑in‑class competitor to existing activin pathway programs, citing possible advantages on bleeding risk and metabolic parameters. The deal follows GSK’s recent M&A activity to augment its respiratory and immunology pipeline and remains subject to customary regulatory clearances. For 35Pharma, the transaction provides an early‑stage exit and accelerates HS‑235’s path into patient trials under GSK’s development infrastructure.