GSK agreed to acquire 35Pharma for $950 million in cash to secure HS-235, a protein‑based candidate poised for pulmonary hypertension (PH) studies, the companies said. HS‑235 completed a Phase I evaluation and is positioned to enter patient studies in pulmonary arterial hypertension (PAH) and PH due to HFpEF. GSK framed HS‑235 as a potentially differentiated activin‑receptor pathway agent with metabolic effects observed in Phase I—reductions in visceral fat and preservation or increases in lean mass—alongside target engagement signals. Tony Wood, GSK’s CSO, noted the asset could expand the company’s respiratory, inflammation and metabolic portfolio. The transaction, subject to standard regulatory clearances, expands GSK’s respiratory and immunology pipeline and follows recent dealmaking aimed at bolstering late‑stage and specialty cardio‑pulmonary programs. For 35Pharma, the sale converts early clinical progress into near‑term cash and development support under GSK’s global infrastructure.