GlaxoSmithKline agreed to acquire Canadian biotech 35Pharma for $950 million in cash to obtain HS235, a protein‑based investigational therapy targeting activin receptor signalling with potential in pulmonary arterial hypertension (PAH) and PH‑HFpEF. GSK said HS235 showed target engagement in Phase I and produced metabolic effects such as visceral fat reduction and lean‑mass preservation, positioning the asset for clinical testing in pulmonary vascular disease. GSK framed the deal as strategic, adding a candidate that could offer vascular protection with fewer bleeding risks and metabolic benefits, and expanding its respiratory and immunology portfolio. For 35Pharma the acquisition represents an early‑stage exit and validation of the company’s activin pathway approach.