GSK agreed to acquire global rights to a preclinical trispecific T-cell engager from Chimagen Biosciences in a deal worth up to $750 million. The transaction extends GSK’s China innovation strategy and adds a next-generation blood cancer asset to its multiple myeloma pipeline. Under the agreement, GSK will make an undisclosed upfront payment and Chimagen is eligible for development and commercial milestones. GSK plans to develop and commercialize the candidate for multiple myeloma, with a Phase 1 trial expected to start in 2027. For the sector, the deal signals continued Big Pharma willingness to fund expensive modality platforms—especially trispecific T-cell engagement—despite ongoing valuation pressure in the public markets for early-stage assets.