GSK has agreed to acquire full worldwide rights to an experimental trispecific T-cell engager from Chinese biotech Chimagen Biosciences in a deal worth up to $750 million. The transaction includes an undisclosed upfront payment, with the remaining consideration tied to development and commercialization milestones. The candidate has not entered human trials and is intended for multiple myeloma, a treatable but incurable blood cancer affecting about 180,000 people globally each year, with Phase 1 trials planned for 2027. Its engineered design is intended to bring T cells and tumor cells together while blocking immune checkpoints, potentially addressing tolerability limitations associated with existing T-cell engagers. The deal expands GSK's oncology pipeline under CEO Luke Miels and follows a 2024 agreement with Chimagen for CMG1A46. Berenberg upgraded GSK to buy from hold and raised its price target to £22, citing external pipeline additions, business-development activity and a valuation discount to European peers.