Biopharmaceutical company GSK plc (LON:GSK) (NYSE:GSK) announced on Tuesday that it has agreed to acquire a potential best-in-class trispecific T cell-engager (TCE) from privately held biotechnology company Chimagen Biosciences.

The asset is designed to bind T cells while simultaneously targeting two validated tumour-associated antigens, with the aim of delivering deeper, more durable responses and improved tolerability compared with existing TCEs.

GSK plans to develop and commercialise the asset for multiple myeloma, with the programme expected to enter phase I trials in 2027.

GSK said the acquisition supports its blood cancer portfolio and strategy of acquiring differentiated assets against validated targets. The TCE market for multiple myeloma in the United States is expected to exceed USD10bn by 2032.

Multiple myeloma is the third most common blood cancer globally, with approximately 180,000 new cases diagnosed each year, and remains incurable despite being generally treatable.

The deal builds on GSK's existing relationship with Chimagen following a previous agreement to acquire CMG1A46, a clinical-stage dual CD19/CD20-targeted TCE in Phase I trials for B-cell malignancies and B-cell-dependent autoimmune disorders.

GSK will pay an upfront fee for full global rights to the programme, while Chimagen will be eligible for development and commercial milestone payments. The agreement has a total potential value of up to USD750m.

The deal remains subject to customary closing conditions.