Berenberg upgraded GSK to Buy from Hold on Sept. 15 and raised its price target to 2,200p from 2,000p, citing pipeline momentum. That day, GSK agreed to acquire global rights to Chimagen’s trispecific T-cell engager for multiple myeloma in a deal worth up to $750 million.
The candidate is preclinical, with Phase I trials expected in 2027. It is designed to bind T cells and two tumor-associated antigens; GSK says this could offer differentiated efficacy and safety versus existing T-cell engagers, but those potential benefits have not been tested in human trials. GSK did not disclose the upfront fee; Chimagen is eligible for development and commercial milestone payments.
Berenberg analyst Kerry Holford also cited business-development activity and pipeline momentum as improving GSK’s growth outlook, and argued that the progressive dilution of dolutegravir made GSK’s valuation discount to peers harder to justify. In July, GSK completed its Nuvalent acquisition, with an aggregate equity value of about $10.6 billion; it added three lung-cancer assets, including zidesamtinib and neladalkib, which were under FDA review at the time.
