GSK expanded its antibody-drug conjugate efforts by taking ex-China rights to Hutchmed’s preclinical KRAS/EGFR antibody conjugate HMPL-A830 in a deal valued up to $1.295 billion plus royalties. The asset combines an anti-EGFR antibody with a small-molecule KRAS inhibitor payload intended to deliver the inhibitor to EGFR-expressing tumors while blocking both EGFR and KRAS signaling. Coverage noted GSK will pay $110 million upfront for the preclinical program. The transaction illustrates how big pharma continues to seek mechanisms to address hard-to-drug targets like KRAS through targeted payload delivery. It also reflects growing interest in ADC-adjacent conjugate modalities designed for specific tumor receptor expression. For Hutchmed, the licensing supports portfolio execution while shifting responsibility for development in the ex-China territory to GSK.