British biotech firm Relation Therapeutics said on Wednesday it had entered into a research collaboration with GSK worth up to $110 million to generate human cellular datasets and train AI models for identifying potential new drug targets.
GSK PLC (LSE:GSK, NYSE:GSK) shares jumped to a three-month high after the drugmaker beat second-quarter expectations across its main measures and accelerated investment in its pipeline. Revenue rose 5% to £8.41 billion, ahead of the £8.25 billion City consensus.
The U.K. drugmaker is targeting annual savings of $2.52 billion by 2029, as Chief Executive Luke Miels outlined his roadmap to hit the company's 2031 sales target.
GSK on Tuesday beat second-quarter profit expectations and launched a £1.9 billion ($2.52 billion) cost savings drive as the British drugmaker seeks to ramp up its development pipeline to support its long-term sales ambition.
British drugmaker GSK said on Tuesday that it will invest £400 million ($531.12 million) over 3 years in the country, including a new R&D center in Cambridge as part of its plans to develop medicines faster under new CEO Luke Miels.
GSK on Tuesday said partner Hansoh Pharmaceutical's experimental drug Ris-Rez met its main goal of keeping an aggressive bone cancer from worsening in a late-stage trial, just weeks after it succeeded in another advanced study.
The FTSE 100 Index was little changed this week as investors assessed the escalating UK-Iran crisis, the ongoing US earnings season, and a series of key UK economic releases. Market participants digested the latest jobs, inflation, and retail sales data for July, all of which could influence the Bank of England's next policy decision.