GSK moved deeper into antibody-targeted therapy conjugates by licensing Hutchmed’s preclinical HMPL-A830, a dual payload designed to combine EGFR targeting with KRAS inhibition. The deal is valued at up to about $1.295 billion, including a $110 million upfront payment and further development, regulatory and commercial milestones plus tiered royalties. Hutchmed will retain rights in Mainland China, Hong Kong, Macau and Taiwan, while GSK’s subsidiary will hold worldwide rights outside that region. Initial development plans call for Phase I studies starting in the second half of 2026, focusing on colorectal, pancreatic and lung cancers. The asset links a KRAS small-molecule inhibitor to an EGFR antibody, with the intended tumor-selective delivery of the payload. Hutchmed will oversee global Phase I development, after which GSK’s licensed territories take over subsequent clinical development and commercialization. The agreement underscores how Hutchmed continues to use licensing to extend global reach for its oncology pipeline, building on earlier collaborations with Takeda and AstraZeneca.