British pharmaceutical company GSK on Monday said it had agreed to buy a US company that specialises in the treatment of rare gastrointestinal cancer GIST.
GSK said in a statement that it had agreed to acquire Boston-based IDRx for up to $1.15 billion.
The biopharmaceutical company’s drug in development, IDRX-42, is designed to treat gastrointestinal stromal tumors (GIST).
“We are excited by the early data from IDRX-42,” said Tony Wood, chief scientific officer at GSK.
IDRx chief executive Tim Clackson noted that GIST had witnessed “no major advances to the standard of care for almost 20 years”.
He added that GSK’s “global clinical development capability and strong commercial presence in oncology will help to accelerate the development of this novel medicine”.