London, June 9, 2026, 14:01 BST
GSK is set to acquire U.S.-based Nuvalent for $10.6 billion in cash, making it the largest deal GSK has made in years. The offer is $124 per share, which works out to a 40% premium on Nuvalent’s previous closing price. It’s an early move by CEO Luke Miels as he looks to revamp the British group’s oncology pipeline.
GSK is looking for late-stage drugs as it braces for patent expiry on dolutegravir, its main HIV therapy, between 2028 and 2030. After that, cheaper products could hit sales. Nuvalent could bring in new revenue as early as 2027 and give GSK a shot at keeping annual sales above 40 billion pounds by 2031.
Nuvalent is waiting on FDA decisions for two lung cancer drugs: zidesamtinib, being reviewed for ROS1-positive non-small cell lung cancer, and neladalkib, up for ALK-positive disease. The company said the FDA will decide on zidesamtinib by Sept. 18 and on neladalkib by Nov. 27. Non-small cell lung cancer is the most common type. ROS1 and ALK refer to genetic drivers.
Miels described the purchase as a “multi-product deal,” saying the main two drugs might launch this year if regulators sign off. Both target different forms of non-small cell lung cancer. Miels added that the acquisition brings GSK a platform in lung cancer for Ris-Rez, which is its B7-H3 antibody-drug conjugate—an antibody tethered to a cancer-killing payload. GSK
Nuvalent CEO James Porter said GSK’s commercial network would help bring zidesamtinib and neladalkib to market and help move the rest of Nuvalent’s pipeline forward. The deal also covers NVL-330, a HER2 inhibitor for HER2-altered non-small cell lung cancer that’s still in early stages, as well as preclinical cancer programs.
Nuvalent shares traded at $122.89 in U.S. premarket, up 38.9%. GSK slipped around 1.4% in London trading early in the afternoon, MarketScreener data showed. Investors appeared divided.
The deal sends GSK further into a lung-cancer drug market where AstraZeneca leads, and where Roche, Pfizer and others are active. Oncology accounted for roughly 6% of GSK’s 2025 sales, Reuters reported, while AstraZeneca saw 44% from the same area. Miels faces pressure to close that gap.
GSK plans to begin a tender offer for Nuvalent within 10 business days, making a direct pitch to shareholders. GSK priced the deal at $9.4 billion after accounting for Nuvalent’s cash, saying it will use a mix of new and existing debt and cash on hand to pay for the purchase. The company does not expect the deal to affect its credit rating.
The company is sticking with its 2026 guidance and dividend plan. It said the deal is expected to boost sales and core operating profit in 2027, and lift core earnings per share in 2029. If the deal closes in the third quarter, it will mean low-single-digit dilution to core EPS from 2026 through 2028.
The GSK deal is bigger than many thought, Barclays analyst James Gordon said, according to Bloomberg via Yahoo Finance. UBS analysts told Reuters the size may catch investors off guard, since GSK typically sticks to smaller $2 billion to $4 billion moves.
GSK’s latest deal adds to its moves to rebuild an oncology presence, following the 2015 sale of its cancer division to Novartis in a wider asset swap. The company has since picked up Tesaro, Sierra Oncology, and IDRx through acquisitions, and signed licensing deals to get back into cancer drugs.
But a lot still depends on regulators, trial results, and deal logistics. According to Nuvalent’s 8-K, the offer needs over half of Class A shares tendered and needs Hart-Scott-Rodino antitrust approval. The company also flagged that the FDA could miss projected drug approval timelines or even reject the drugs. There’s a Dec. 9 outside date and a $350.475 million breakup fee in certain cases, the filing said.
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