GSK to buy US biotech firm IDRx for up to $1.15 billion – Business & Finance

British drugmaker GSK, said on Monday that it would pay up to $1.15 billion to buy Boston-based biopharmaceutical firm IDRx, which is developing a treatment for a rare type of tumour.

IDRx, a privately held biotechnology firm, is developing a therapy for the treatment of gastrointestinal stromal tumours.

The deal, which comprises an upfront payment of $1 billion, will add to GSK’s growing…