35Pharma Enters Agreement to Be Acquired by GSK

San Diego – February 25, 2026 – Cooley advised 35Pharma, a Canada-based, private, clinical-stage biopharmaceutical company that specializes in developing novel protein-based therapeutics, on its agreement to be acquired by GSK for $950 million. The acquisition includes HS235, a potential best-in-class medicine that has completed Phase 1b healthy volunteer clinical trials, with studies set to begin imminently in pulmonary arterial hypertension and pulmonary hypertension.

Under the terms of the agreement, GSK will acquire 100% of the outstanding equity interests (including all options and other incentive equity) in 35Pharma Inc. The transaction is subject to customary conditions, including applicable regulatory agency clearances under the Hart-Scott-Rodino Act in the US and the Competition Act in Canada.

Partners Jamie Leigh, Rowook Park and Lindsey O’Crump led the Cooley team. Michael Tuscan, Ben Beerle, Div Gupta, Ryan Sansom, Natalie Vernon, Rajdeep Roger Bains, Jordan Phelan, Barbara Mirza, Christophe Beauduin, Megan Browdie and Todd Gluth provided valuable support.

Cooley previously advised 35Pharma on its $53 million Series C financing in November 2024.

This marks Cooley’s second sale transaction with CEO Ilia Tikhomirov, having previously advised Forbius on its agreement to sell to Bristol Myers Squibb in August 2020.

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