GSK Acquires Nuvalent for $9.4 Billion

British multinational pharmaceutical company, GSK plc (GSK), entered a definitive merger agreement on June 9, 2026, to acquire Nuvalent, Inc. (NUVL), in a cash deal valued at $9.4 billion.

Deal Structure:

GSK will commence a tender offer to acquire all of Nuvalent’s outstanding Class A and Class B common stock at a cash purchase price of $124 per share, representing a 40.13% premium over the stock’s last close.

Company Profile:

Nuvalent is a clinical-stage biopharmaceutical company that develops targeted small-molecule therapies for cancer, with a focus on kinase-driven tumors. Its pipeline includes treatments for ROS1-positive, ALK-positive, and HER2-altered non-small cell lung cancer, as well as earlier-stage oncology programs.

GSK is a global biopharmaceutical company that develops, manufactures, and commercializes vaccines and medicines across areas including infectious diseases, HIV, oncology, respiratory diseases, and immunology. The company operates worldwide and maintains a broad portfolio of both specialty and general medicines.

Deal Details and Timeline:

GSK will commence a tender offer within 10 business days.

Zidesamtinib (NVL-520) and neladalkib (NVL-655) are late-stage, next-generation inhibitors targeting ROS1 and ALK, respectively, for the treatment of non-small cell lung cancer (NSCLC). Both candidates have received FDA Breakthrough Therapy and Orphan Drug Designations and are currently under FDA review, with target decision dates of September 18, 2026, for zidesamtinib and November 27, 2026, for neladalkib. Subject to approval, both therapies are expected to launch in 2026.

The acquisition also includes NVL-330, a potential HER2 inhibitor currently in Phase I clinical development for HER2-altered NSCLC, as well as Nuvalent’s preclinical pipeline of multiple oncology programmes.

The merger is expected to close in Q3 2026.

GSK plans to finance the acquisition primarily through debt and available cash, and expects its credit rating to remain unchanged.

Nuvalent is being advised by Centerview Partners and Jefferies as financial advisors, and by Ropes & Gray and Sidley Austin as legal counsel. GSK is being advised by Leerink Partners and Citigroup on financial matters, and by Davis Polk & Wardwell and Slaughter and May as legal counsel.

Deal Metrics:

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Deal Metrics for the acquisition of Nuvalent, Inc. (NUVL) by GSK plc (GSK)

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Editor’s Note: Baranjot Kaur contributed to this article