GSK expanded into ADCs by paying up to $1.295 billion for ex-China rights to Hutchmed’s HMPL-A830, a preclinical antibody-targeted therapy conjugate. GSK will pay $110 million upfront and add milestones and royalties, with development focused on delivering a KRAS inhibitor payload via an anti-EGFR antibody targeting EGFR-expressing tumors. The asset is designed for a dual mechanism of action: blocking EGFR signaling while delivering the KRAS inhibitor directly to tumors. GSK’s deal structure reflects continued big-pharma movement toward ADC-like targeted delivery and payload diversification beyond traditional tubulin or topoisomerase inhibitors. For biotech, the transaction underscores how ex-China rights remain a key lever in global asset valuation and development strategy. It also highlights continued interest in KRAS pathway modulation through targeted delivery, a field historically constrained by systemic toxicity and complex biology.