GSK to pay up to $750M to China’s Numab for blood cancer drug

GSK is buying into a Chinese biotech asset at a stage where the clinical risk still sits almost entirely with the seller's science, using a milestone-heavy structure that keeps upfront exposure contained. The deal fits a broader pattern of Western pharma sourcing early oncology candidates from China, where valuation and trial economics remain more favorable. The open questions are whether the candidate clears early-stage testing in multiple myeloma and whether this kind of cross-border licensing continues as geopolitical scrutiny of biotech ties intensifies.