GSK is consolidating respiratory and RNA capabilities through two transactions. The company agreed to acquire 35Pharma for $950 million in cash, adding HS235 — a clinical‑stage activin‑signaling inhibitor for pulmonary hypertension — which GSK frames as a potential best‑in‑class candidate with a differentiated safety and metabolic profile. Separately, GSK licensed two siRNA assets from Frontier Biotechnologies, paying $40 million upfront and up to ~$963 million in milestones. The siRNA programs add immunology targets to GSK’s pipeline and complement the company’s broader rebuild of respiratory and inflammatory franchises. Taken together, the deals underscore large‑cap pharma appetite for strategic, milestone‑heavy transactions to refill mid‑stage pipelines and accelerate launches in specialty indications.