GlaxoSmithKline agreed to acquire 35Pharma for $950 million in cash to obtain HS‑235, a protein‑based candidate aimed at pulmonary arterial hypertension (PAH) and related pulmonary hypertensive indications. GSK characterized HS‑235 as a potentially best‑in‑class activin receptor pathway agent with a differentiated selectivity profile designed to reduce bleeding risk while offering metabolic benefits such as visceral fat reduction and lean mass preservation observed in Phase I data. The acquisition follows GSK’s recent M&A cadence to bolster respiratory and immunology franchises and comes shortly after other asset deals intended to expand the company’s pipeline. For 35Pharma, the transaction is an early‑stage exit that monetizes clinical progress into a near‑term payoff for investors and founders. For the PAH market, GSK’s move signals renewed competition with existing therapies and an industry focus on biologic candidates that combine vascular benefits with metabolic effects as potential differentiation points.