GlaxoSmithKline (GSK) has secured the rights to an experimental blood cancer drug developed by Chinese biotechnology firm Chimagen Biosciences in a deal valued at up to $750 million. The agreement centers on a T-cell engager therapy, designed to activate a patient’s immune system to target and destroy cancer cells.

GSK intends to advance the drug’s development specifically for multiple myeloma, a type of blood cancer that ranks as the third most common worldwide, with approximately 180,000 new diagnoses annually. The company is planning to initiate phase I clinical trials for the treatment in the coming year.

The acquisition aligns with GSK’s broader strategic push into oncology under the leadership of Chief Executive Luke Miels. Building a robust oncology portfolio has become a key focus for the FTSE 100 pharmaceutical company as it seeks to expand beyond its traditional areas of strength. The deal with Chimagen Biosciences represents a significant step in that direction, tapping into emerging immunotherapy approaches that leverage the body's immune system to combat cancer.