(Bloomberg) -- GSK Plc is in talks to buy biotech company IDRx, people with knowledge of the matter said, a deal that would see the British drugmaker further boost its growing oncology portfolio.
The purchase could value privately owned IDRx at as much as $1 billion, said the people, who asked not to be identified because the information is private. The negotiations are still ongoing and there is no guarantee that a deal will be agreed. The Financial Times first reported on the potential deal.
GSK and IDRx declined to comment.
IDRx is developing an experimental drug for gastrointestinal stromal tumor, a soft tissue sarcoma that occurs in the digestive tract.
GSK has been working to expand its cancer-drug business in recent years, including deals with Hansoh Pharma and Sierra Oncology.
That push has started to pay off, with higher than expected sales of its rare bone marrow blood cancer drug Ojjaara and positive results for Blenrep, another blood cancer drug that was previously withdrawn from the market. GSK is seeking permission to start selling Blenrep again and forecast peak annual sales potential of more than £3 billion ($3.7 billion).
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