35Pharma
35Pharma is a clinical-stage biopharmaceutical company developing next-generation Activin x GDF ligand traps for pulmonary hypertension, heart failure, and obesity, acquired by GSK for $950 million in April 2026.
- Company typePrivate
- Founded2014
- HeadquartersMontreal, Canada
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What 35Pharma does
35Pharma is a clinical-stage biopharmaceutical company headquartered in Montreal, Canada (with a US office in Boston, Massachusetts) that designs and develops next-generation Activin x GDF ligand traps targeting diseases of high unmet medical need, including pulmonary hypertension, heart failure, and obesity. The company's core platform centers on multi-specific protein therapeutics engineered to selectively neutralize pathological Activin and GDF ligands while sparing BMP-9 and BMP-10, a design intended to overcome the bleeding, telangiectasia, and pericardial effusion safety liabilities that plagued earlier-generation TGF-beta superfamily traps. Lead candidate HS235 is in Phase I/II development for Pulmonary Arterial Hypertension (PAH, Group 1 PH) and Pulmonary Hypertension due to Heart Failure with Preserved Ejection Fraction (PH-HFpEF, Group 2 PH), with additional programs HS135 (pulmonary hypertension) and HS370 (heart failure/obesity, discovery stage) expanding the pipeline. HS235 is designed for infrequent subcutaneous administration with extended half-life and offers a differentiated dual cardio-pulmonary and metabolic mode of action, including dose-dependent visceral fat reduction with lean mass preservation demonstrated in Phase 1 healthy volunteer trials.
The company operated as a pre-revenue, venture-backed private biotech prior to its acquisition by GSK plc for $950 million in cash, announced February 2026 and completed April 2026. Prior funding came through a Series A led by venBio Partners (2021), a Series B led by Logos Capital (January 2024), and a $53 million Series C led by Frazier Life Sciences (November 2024) with participation from Vivo Capital, Janus Henderson Investors, Deep Track Capital, Paradigm BioCapital Advisors, Columbia Threadneedle, Surveyor Capital, and Marshall Wace. The go-to-market model was a traditional clinical-stage biotech approach focused on building clinical evidence through scientific congress presentations (AHA, ERS, ObesityWeek, CVCT), peer-reviewed publications, and investor conferences (J.P. Morgan Healthcare Conference, TD Cowen, Leerink Partners) to attract a strategic acquirer.
Leadership and scientific founders are alumni of Forbius (acquired by Bristol Myers Squibb in 2020) and include Ilia Tikhomirov (CEO, serial biotech entrepreneur), Maureen O'Connor (CSO, 14 patents and 100+ publications in TGF-beta biology), Walter Blättler (Chairman, scientific founder of ImmunoGen and inventor of Kadcyla), and George Georges (CMO, 25+ years and 45+ clinical trials in pulmonary and critical care medicine). The Board included Guy Braunstein, former Head of Global Clinical Development at Actelion (acquired by Janssen for $30 billion), providing deep pulmonary hypertension drug development expertise. The company was recognized as BIOTECanada's 2025 Promising Biotech Company of the Year and Ilia Tikhomirov was a 2026 Bloom Burton Award finalist, with the award citing the GSK acquisition as the contribution to Canadian innovative healthcare.
35Pharma firmographics
Firmographics- Name
- 35Pharma
- Legal name
- 35Pharma Inc.
- Website
- https://35pharma.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- 35Pharma is a clinical-stage biopharmaceutical company developing next-generation Activin x GDF ligand traps for pulmonary hypertension, heart failure, and obesity, acquired by GSK for $950 million in April 2026.
- Ownership category
- akta.pro rank
35Pharma industry classification
Industry- Product category
- Pulmonary Hypertension Biologics
- NAICS
- Biological Product (except Diagnostic) Manufacturing (325414), Scientific Research and Development Services (5417)
- SIC
- Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)
- akta.pro primary industry
- Pulmonary Hypertension & Rare Pulmonary Disease Therapies (HLAIAIAG)
- akta.pro secondary industries
- Rare Cardiovascular & Vascular Disorder Therapies (HLAIAIAH), Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE), Cardiology & Vascular Specialty Pharmaceuticals (HLAIACAG)
Keywords
Where 35Pharma is headquartered
LocationHeadquarters
- HQ city
- Montreal
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
35Pharma business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Supply Chain
Revenue model
- Acquisition/Exit: 35Pharma was a clinical-stage private biotech company that was acquired by GSK for $950 million in cash in April 2026. Prior to acquisition, the company had no commercial revenue and was funded through venture capital financing rounds including Series A (venBio), Series B (Logos Capital), and Series C ($53M led by Frazier Life Sciences).
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
35Pharma product offering
Product offeringCore offering
35Pharma designs and develops next-generation multi-specific Activin x GDF ligand trap biologics for the treatment of pulmonary hypertension, heart failure, and obesity. The lead candidate HS235 is in Phase I/II clinical development as a potential best-in-class activin signaling inhibitor that selectively neutralizes pathological Activin and GDF ligands while sparing BMP-9 and BMP-10 to reduce bleeding and vascular side effects. The pipeline also includes HS370 (discovery stage) and HS135 (pulmonary hypertension).
Product overview
35Pharma is a clinical-stage biopharmaceutical company developing a pipeline of next-generation Activin x GDF ligand traps for pulmonary hypertension, heart failure, and obesity. The company's core technology platform centers on multi-specific protein therapeutics that selectively neutralize pathological Activin and GDF ligands while sparing beneficial BMP ligands. The lead product HS235 (Phase I/II) addresses Pulmonary Arterial Hypertension and PH-HFpEF, with additional candidates HS370 (discovery, heart failure/obesity) and HS135 (pulmonary hypertension) expanding the portfolio. All candidates leverage the company's ligand trap technology platform enabling tailored multi-specificity and potency for the TGF-beta superfamily signaling pathway.
Differentiator
Problem solved
Functional benefit
Products and services
- HS235 HS235 is 35Pharma's lead multi-specific Activin x GDF decoy trap engineered for exceptional selectivity, potency, and extended half-life. It is undergoing Phase I/II clinical proof-of-concept studies for Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension due to Heart Failure with Preserved Ejection Fraction (PH-HFpEF). HS235 is designed to potently block pathological Activins and GDFs while sparing BMP-9 and BMP-10 to reduce bleeding and vascular side effects, and is administered by infrequent subcutaneous injection.
- HS370 HS370 is a next-generation Activin x GDF ligand trap in discovery stage targeting heart failure and obesity, representing an expansion of the company's pipeline of multi-specific traps targeting the Activin and GDF signaling pathway.
- HS135 HS135 is a pipeline candidate for pulmonary hypertension, part of 35Pharma's activin inhibitor portfolio for cardiometabolic disease, supported through initial clinical proof-of-concept studies using Series C financing.
Quantifiable outcome
- Deep and sustained target engagement demonstrated via dose-dependent FSH reductions in postmenopausal females at doses 0.5-2 mg/kg
- +2 more outcomes
Companies that use 35Pharma
Customer profileSegments3 records
Ideal customer profiles2 records
35Pharma technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
35Pharma partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- GSKcoreGSK acquired 35Pharma for $950 million in cash in February 2026 (completed April 2026). The acquisition gives GSK full ownership of 35Pharma's pipeline including HS235, a best-in-class activin signaling inhibitor for pulmonary hypertension. GSK is a global biopharma company with expertise in respiratory and inflammatory drivers of disease.
- Cooley LLPminorServed as US legal counsel to 35Pharma for the GSK acquisition transaction.
- Stikeman Elliott LLPminorServed as Canadian legal counsel to 35Pharma for the GSK acquisition transaction.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
35Pharma competitors and assessment
Company assessmentDirect peers
- Merck & Co. (Acceleron): Merck acquired Acceleron Pharma and now markets Winrevair (sotatercept), an activin pathway inhibitor approved for PAH. Winrevair is the most direct competitor to 35Pharma's HS235 in the pulmonary hypertension space, targeting the same activin receptor signaling pathway.
Broad incumbents
- Actelion (Johnson & Johnson Innovative Medicine): Actelion (acquired by J&J for $30B) is the historical PAH market leader, having commercialized Tracleer, Opsumit, and Uptravi. 35Pharma's board includes Actelion's former Head of Global Clinical Development, and the company competes with J&J/Actelion in the broader PH market.
- United Therapeutics: United Therapeutics markets Tyvaso, Remodulin, and Orenitram for PAH and PH-ILD. It is an established commercial player in pulmonary hypertension with a broad portfolio of prostacyclin-based therapies, making it a direct commercial competitor for any activin inhibitor entering the PH market.
Others
- Forbius: Forbius was 35Pharma's predecessor company, also founded by Ilia Tikhomirov and Maureen O'Connor, focused on TGF-beta biologics. Forbius was acquired by Bristol-Myers Squibb in 2020, and most of 35Pharma's senior team came from Forbius, making it the closest precedent for the team's track record.
- Bristol-Myers Squibb: BMS acquired Forbius (35Pharma's predecessor) in 2020 and now houses AVID200, a TGF-beta-1/3 selective trap. BMS is a relevant comparator as both a strategic acquirer in the space and a potential competitor with related activin/TGF-beta assets from the Forbius acquisition.
- GSK: GSK acquired 35Pharma in 2026 for $950M. While now the parent company, GSK is also a relevant comparator in respiratory and cardiovascular biopharma, with potential overlapping pipeline programs that could compete with or complement HS235's development.
Emerging players
- Keros Therapeutics: Keros Therapeutics develops engineered proteins targeting the TGF-beta superfamily, including activin receptor ligands, for hematological and musculoskeletal diseases. It is the most direct emerging competitor in the activin biology space, pursuing a related but distinct set of indications from 35Pharma.
- Disc Medicine: Disc Medicine is a clinical-stage biopharmaceutical company focused on hematology and rare diseases, with a pipeline modulating TGF-beta superfamily signaling. It represents an adjacent competitor in the same protein engineering biology space as 35Pharma.
- Pliant Therapeutics: Pliant Therapeutics develops therapies targeting integrin biology and tissue fibrosis, with connections to TGF-beta signaling. It is an emerging clinical-stage company in related tissue-remodeling and fibrosis indications that overlap with 35Pharma's HFpEF and PH programs.
Regional players
- Idorsia Ltd: Idorsia is a Swiss biopharmaceutical company focused on cardiovascular and central nervous system diseases. Board director Guy Braunstein previously served as EVP and CMO at Idorsia, and the company is a relevant European peer in the cardiovascular development space that 35Pharma targets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
35Pharma social profiles
Digital presence35Pharma financial estimates
Financial estimateRevenue estimate
Valuation estimate
35Pharma leadership team
Management profileNumber of profiles
Profiles14 records
35Pharma funding detail
Funding detailFunding overview
Funding rounds1 record
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
35Pharma M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 35Pharma
What does 35Pharma do?
35Pharma designs and develops next-generation multi-specific Activin x GDF ligand trap biologics for the treatment of pulmonary hypertension, heart failure, and obesity. The lead candidate HS235 is in Phase I/II clinical development as a potential best-in-class activin signaling inhibitor that selectively neutralizes pathological Activin and GDF ligands while sparing BMP-9 and BMP-10 to reduce bleeding and vascular side effects. The pipeline also includes HS370 (discovery stage) and HS135 (pulmonary hypertension).
Is 35Pharma a public or private company?
35Pharma is a private company. It is classified as corporate owned and is currently acquired.
When was 35Pharma founded?
35Pharma was founded in 2014. It employs 11 to 50 people.
Where is 35Pharma based?
35Pharma is headquartered in Montreal, Canada, in the North America region.
How does 35Pharma make money?
One revenue line is on record: acquisition/Exit.
Who are 35Pharma's main competitors?
Merck & Co. (Acceleron) is listed as a direct peer. Broad incumbents are Actelion (Johnson & Johnson Innovative Medicine) and United Therapeutics. Others are Forbius, Bristol-Myers Squibb and GSK. Emerging players are Keros Therapeutics, Disc Medicine and Pliant Therapeutics. Idorsia Ltd is listed as a regional player.
Does 35Pharma have an API?
No public API is recorded for 35Pharma.
What industry is 35Pharma in?
35Pharma's product category is Pulmonary Hypertension Biologics. Its primary akta.pro industry code is HLAIAIAG, Pulmonary Hypertension & Rare Pulmonary Disease Therapies, with a secondary code of HLAIAIAH, Rare Cardiovascular & Vascular Disorder Therapies. Its NAICS code is 325414 and its SIC code is 2834.