GSK Announces $10.6 Billion Acquisition of Nuvalent to Accelerate Leadership in Precision Oncology

June 9,GSKAnnounced that it has entered into an agreement withNuvalentAcquisition Agreement Reached, with Total Transaction Value Reaching$10.6 billion。

Under the terms of the agreement, GSK will acquire all outstanding shares of Nuvalent in an all-cash transaction at $124 per share, representing a total equity value of up to $10.6 billion (approximately £8 billion).

After deducting the cash of the acquired party, GSK’s actual net investment is expected to be approximately $9.4 billion.This offer represents a 40% premium over Nuvalent’s closing price on the previous trading day.The transaction is expected to be completed in the third quarter of 2026.

This acquisition will enable GSK to rapidly enter the lung cancer treatment sector. The two most high-profile core assets areZidesamtinib and Neladalkib, which are next-generation highly selective ROS1 and ALK inhibitors for non-small cell lung cancer (NSCLC).

These two drugs have not only received FDA Breakthrough Therapy Designation and Orphan Drug Designation, but are now also in the final stretch of submitting their marketing applications, with target approval dates set for September and November 2026, respectively. If approved smoothly, theyPoised for rapid market launch within the year and to unleash its blockbuster potential.

In addition to two lead products, the acquisition also includes a potential best-in-class HER2 inhibitor in Phase I clinical trials.NVL-330(for HER2-mutant NSCLC), and based on multiple preclinical programs.

At the recent IASLC World Conference on Lung Cancer and the ASCO Annual Meeting, zidesamtinib and neladalkib demonstrated superior data. Leveraging their high target selectivity, enhanced blood-brain barrier penetration, and broad coverage of resistance mutations, they aim to provide more durable treatment responses and improved quality of life for non-smoking patients with ROS1 and ALK mutations.

GSK CEO Luke Miels stated that this multi-product deal will provide GSK with immediate opportunities for sales growth and enhance profit contribution starting in 2027; meanwhile, it also provides a solid platform for the company’s rapid expansion in the lung cancer field, synergistically advancing its B7-H3-targeted ADC drug, Ris-Rez, which is currently in Phase III clinical development.

From a financial planning perspective, although this substantial acquisition is expected to cause low single-digit short-term dilution in GSK’s core earnings per share (EPS) for the fiscal years 2026 to 2028, GSK has maintained its full-year 2026 guidance of 7%-9% growth in both core operating profit and core EPS.

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