GSK expands oncology rebound with US$750M Chimagen licensing deal

UK—GSK has secured global rights to an unnamed trispecific T cell engager (TCE) from Chinese biotech Chimagen Biosciences for the treatment of multiple myeloma, signalling a renewed push into oncology more than a decade after the company exited the business.

Under the agreement, GSK will take full global rights to the experimental TCE programme in return for an upfront payment and potential development and commercial milestone payments.

The companies have not disclosed the upfront fee, but the deal could be worth up to US$750 million to Chimagen.

GSK will lead development of the asset in multiple myeloma and plans to advance it into Phase I clinical trials in 2027.

The agreement also marks the second collaboration between the two companies. In 2024, GSK licensed CMG1A46, a TCE being developed for B cell driven autoimmune diseases.

TCE interest grows in multiple myeloma

TCEs are a form of immunotherapy that bring immune cells into close contact with cancer cells, enabling the immune system to attack and destroy the tumour.

Interest in the technology has grown rapidly across the pharmaceutical industry.

Bristol Myers Squibb, Gilead Sciences, and UCB have all struck TCE-related deals over the past year, reflecting growing confidence in the potential of the approach.

The market has also benefited from the performance of approved TCE therapies, including Tecvayli (teclistamab) from Johnson & Johnson.

The company is seeking to move the drug into earlier lines of multiple myeloma treatment after reporting positive Phase III data for Tecvayli in combination with its other marketed TCE, Talvey (talquetamab).

Multiple myeloma, the third most common blood cancer globally, is also attracting significant commercial interest.

Market forecasts indicate that the US TCE market for the disease could exceed $10bn by 2032.

GSK rebuilds its oncology portfolio

GSK sold its oncology business to Novartis as part of a $20bn three-part asset swap in 2015.

However, oncology has since returned as a key component of the company’s growth strategy under CEO Luke Miels.

GSK has said it plans to expand its focus beyond blood and women’s cancers into lung, gastrointestinal and other solid tumours.

The company is pursuing this expansion through advanced technologies, including antibody-drug conjugates, TCEs, and tyrosine kinase inhibitors.

Strong pipeline of multiple myeloma therapies

Data from GlobalData’s Pharmaceutical Intelligence Center show that more than 100 Phase III studies are currently investigating potential treatments for multiple myeloma.

More than 60% of these programmes are classified as immuno-oncology assets, a category that includes TCEs.

Meanwhile, GlobalData’s immuno-oncology market analysis projects that the overall market will reach US$186 billion by 2031, with checkpoint inhibitors and TCEs expected to account for much of the growth.

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