Paul, Weiss is advising UK-based GSK plc in its proposed acquisition of an investigational molecule used to treat autoimmune disease from Chimagen Biosciences, a China-based privately held biotechnology company. Under the terms of the agreement, GSK will pay $300 million up front to acquire the full global rights to the molecule, CMG1A46. Chimagen will also be eligible to receive success-based development and commercial milestone payments for CMG1A46 totaling $550 million. GSK plans to develop and commercialize CMG1A46, with a focus on certain types of lupus, with potential to expand into related autoimmune diseases. The transaction is subject to customary closing conditions and regulatory approvals. The Paul, Weiss team is led by partners Krishna Veeraraghavan, Benjamin Goodchild, Jonathan Ashtor and Bonnie Chen, and includes corporate partner Judie Ng Shortell and counsel Jack Sun; tax partner Cian O’Connor; and litigation partners Geoffrey Chepiga and Crystal Parker.