Pharma BD Deal Intelligence
A no-exercised-yet option deal, so slow-burn framing fits: GSK paid $30M upfront for an exclusive option on DualityBio's ADC DB-1324, worth up to $975M in milestones plus royalties if exercised. The asset has since cleared FDA IND and entered Phase 1/2, though GSK has yet to exercise or terminate the option.
Duality Biologics and GSK enter exclusive option agreement for novel antibody-drug conjugate DB-1324 worth up to $975 million
GSK gains exclusive option on DualityBio preclinical ADC in deal worth over $1 billion leveraging proprietary DITAC platform technology
Goodwin advises Duality Biologics on exclusive option agreement with GSK for novel antibody-drug conjugate DB-1324 worth up to $975 million
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GSK obtained an exclusive option on DualityBio's ADC candidate DB-1324, built on the DITAC platform and targeting a gastrointestinal-cancer target. GSK paid $30M upfront plus pre-option milestones; upon option exercise DualityBio is eligible for an exercise fee plus up to $975M in development, regulatory and commercial milestones plus tiered royalties, for exclusive worldwide rights ex-Greater China (mainland China, Hong Kong, Macau). Since signing, DB-1324 has advanced from preclinical to the clinic: DualityBio reported U.S. FDA IND clearance (Dec 2025) and opened its first-in-human Phase 1/2 study (NCT07263594; study start Jan 2026, 127 patients) in advanced/metastatic GI tumors. As of this review there is no public disclosure that GSK has exercised or terminated the option.
340K US cases/yr · $18.0B US GI Cancer Therapeutics Market · 35% Share of All Cancer Deaths (GI)
Gastrointestinal cancers collectively represent approximately 26% of global cancer incidence and ~35% of cancer-related deaths, encompassing colorectal, gastric, esophageal, pancreatic, and hepatocellular carcinomas. GSK holds an exclusive option on DualityBio's DITAC-platform ADC DB-1324, now in a first-in-human Phase 1/2 trial (NCT07263594) for advanced/metastatic GI tumors following FDA IND clearance.
ADCs are gaining traction in GI oncology with Enhertu (trastuzumab deruxtecan, Daiichi Sankyo/AZ) approved for HER2+ gastric cancer and showing promise across GI tumor types. DB-1324 leverages DualityBio DITAC platform which has produced clinical-stage assets. GSK paid $30M upfront for the option, with up to $975M in milestones upon exercise.
GSK obtained exclusive option on DB-1324 ADC for GI cancers. $30M upfront plus pre-option milestones.
DualityBio reported FDA IND clearance for DB-1324, the ADC optioned by GSK, moving the asset from preclinical toward first-in-human testing.
DualityBio opened a Phase 1/2 study of DB-1324 in advanced/metastatic GI tumors (127 pts, recruiting). The GSK-optioned asset is now clinical-stage.
GSK-optioned ADC now clinical-stage: FDA IND cleared (Dec 2025) and Phase 1/2 opened (Jan 2026). GSK had not publicly exercised the option as of this review. Up to $975M upon exercise plus milestones.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| GSK plc / Duality Biologics (Suzhou) Co. Ltd. (this deal) | 2024 | $975M | 61 |
| GSK plc / SmithKline Beecham | 2000 | $12.0B | 79 |
| GSK plc / Pfizer Inc. | 2018 | $0.0M | 77 |
| GSK plc / Novartis AG | 2014 | $16.0B | 76 |
| GSK plc / Hansoh Pharmaceutical Group Co. Ltd. | 2023 | $1.7B | 74 |
| GSK plc / Nuvalent, Inc. | 2026 | $10.6B | 70 |
| GSK plc / Sierra Oncology Inc. | 2022 | $1.9B | 70 |
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