One To Watch
35Pharma
Company Overview
35Pharma focuses on precision-engineered ligand traps designed to neutralize pathological signaling in the activin/GDF pathway. Its strategy has been to advance differentiated biologics in pulmonary hypertension and related cardiometabolic indications.
The company’s lead asset, HS235, is positioned for pulmonary arterial hypertension and potentially broader cardiopulmonary disease settings. The program became the strategic driver of GSK’s acquisition.
Headquarters and Global Presence
35Pharma is headquartered in Montreal, Canada.
As a development-stage biotech prior to acquisition, it operated with a lean structure supported by external clinical research organizations and manufacturing partners.
Founding and History
Founded in 2021, 35Pharma built a focused pipeline around TGF-beta superfamily biology, advancing HS235 into clinical development.
In February 2026, GSK agreed to acquire 35Pharma in a transaction reported at approximately $950 million in cash. The deal reflects GSK’s strategy of acquiring mid-stage, biologically differentiated assets in core therapeutic areas.
Therapy Areas and Focus
Before acquisition, 35Pharma’s development priorities included:
- Pulmonary arterial hypertension
- Cardiometabolic disease
- Obesity and heart failure (longer-term expansion concepts)
The primary value driver was HS235 in pulmonary hypertension.
Technology and Modality
35Pharma’s approach centers on engineered ligand traps targeting activin and related ligands within the TGF-beta superfamily.
HS235 is designed to selectively inhibit pathological signaling implicated in pulmonary vascular remodeling and cardiometabolic dysfunction, with the aim of improving both hemodynamic and functional outcomes.
Key Personnel
- Ilia Tikhomirov, Founder and Chief Executive Officer
- Senior scientific and clinical leadership with backgrounds in protein engineering and cardiopulmonary development
Leadership was closely aligned with the scientific build-out of HS235 and execution of venture financings prior to the GSK transaction.
Strategic Context: Acquisition by GSK
GSK’s acquisition of 35Pharma is centered on HS235 as a mid-stage asset in pulmonary hypertension, an area of sustained commercial and clinical interest.
The transaction aligns with GSK’s broader M&A strategy of strengthening its specialty medicines pipeline through targeted bolt-on acquisitions, particularly in cardiopulmonary and immunology. Under GSK ownership, HS235 is expected to advance within a larger global R&D and commercial infrastructure.
FAQ Section
35Pharma develops engineered biologics that act as ligand traps targeting activin and related TGF-beta superfamily members, with initial emphasis on pulmonary vascular disease.
HS235 is the company’s lead clinical candidate, designed to inhibit pathological activin signaling in pulmonary arterial hypertension and potentially other cardiometabolic diseases.
GSK acquired 35Pharma to strengthen its mid-stage pipeline in pulmonary hypertension. The deal reflects confidence in HS235’s biological rationale and potential to become a differentiated therapy in a specialty market.
HS235 has completed early clinical evaluation and is positioned for further mid- to late-stage development under GSK’s oversight.
The candidate targets activin pathway biology, which is implicated in pulmonary vascular remodeling. Differentiation will depend on clinical efficacy, safety and positioning versus established and emerging therapies.
Key watchpoints include advancement into later-stage trials, demonstration of meaningful improvement in functional and hemodynamic endpoints, and regulatory alignment on registrational design.
Post-acquisition, development responsibility transitions to GSK, which brings expanded clinical, regulatory and commercial infrastructure. The asset’s progress will now be integrated into GSK’s broader specialty medicines strategy.
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