GSK has agreed to acquire global rights to a potential best-in-class trispecific T-cell engager (TCE) from China-based Chimagen Biosciences for up to USD 750 million, with plans to develop the asset in multiple myeloma (MM) and initiate a Phase I study in 2027, deepening a relationship that began with the October 2024 acquisition of CMG1A46 for USD 850 million.

MM is the third most common blood cancer worldwide with about 180,000 new diagnoses annually and no cure, and GSK is betting that a second Chimagen TCE broadens its haematology pipeline against BCMA-, GPRC5D- and CD38-directed competitors from Johnson & Johnson, Pfizer and Regeneron, while securing another shot at a US TCE market projected above USD 10 billion by 2032.

The deal structure reflects a familiar MNC playbook: pay modest upfront and milestone-heavy consideration for Chinese-origin bispecific or trispecific engineering talent, then shoulder global development and regulatory risk inside the acquirer’s oncology infrastructure.