GSK agreed to acquire ex-China rights to Hutchmed’s HMPL-A830, a KRAS inhibitor antibody conjugate, in a deal valued at up to $1.295 billion plus royalties. The agreement reflects GSK’s push into antibody–drug conjugate-like platforms, with an initial $110 million upfront payment for the preclinical asset. Hutchmed’s molecule combines an anti-EGFR antibody with a small-molecule KRAS inhibitor payload intended to deliver directly to EGFR-expressing tumors while blocking EGFR and KRAS signaling. The structure points to a dual-pathway approach aimed at improving control of KRAS-driven cancers. For GSK, the transaction adds to its oncology pipeline construction strategy while for Hutchmed it represents monetization of an early-stage ex-China franchise as global partners seek differentiated payload delivery. The deal also underscores that antibody-drug conjugate partnerships continue even as investors tighten focus on late-stage clinical validation.