The company, which was set up two-and-a-half years ago, is working on treatments for gastrointestinal stromal tumours (GIST), a rare cancer that develops in the digestive system, and is diagnosed in 80,000 to 120,000 new patients worldwide each year.
Tim Clackson, the chief executive of IDRx, said: “We are looking forward to working with GSK to advance IDRX-42 for patients with GIST given there have been no major advances to the standard of care for almost 20 years.
GSK, Britain’s second-biggest drugmaker behind AstraZeneca, said the acquisition of IDRx, based in Plymouth near Boston, would help it target a “major gap in the current standard of care” related to gastrointestinal cancers.
GSK to buy US cancer drug firm IDRx for up to $1.15bn Massachusetts-based company is working on new treatments for gastrointestinal cancers.
GSK has struck a deal worth up to $1.15bn (£950m) to acquire a Massachusetts-based developer of rare cancer therapies, in an attempt to bolster its expanding oncology business.
