GSK licenses Chinese firm’s cancer drug in US$750 million deal

British pharmaceutical giant GSK has agreed to acquire a cancer drug from Chinese firm Chimagen Biosciences in a deal worth up to US$750 million, underscoring China’s emergence as a global player in biotechnology. GSK announced plans on Tuesday to buy full global rights to a “potential best-in-class” T-cell engager (TCE) from Chengdu-based Chimagen, targeting treatment for multiple myeloma, a type of blood cancer. TCEs work by binding T cells, a kind of white blood cell, directly to cancer...