GSK to Acquire Nuvalent for $10.6 Billion, Marking Its Largest Oncology Push in a Decade

GSK has agreed to acquire U.S. cancer biotech Nuvalent for $10.6 billion in an all‑cash deal, its largest acquisition in over a decade and one of the biggest pharma buys of 2026 so far.

The deal values Nuvalent at about $124 per share, a roughly 30–40% premium to its recent closing price, with GSK’s net investment estimated at about $9.4 billion after cash acquired.

GSK will gain three lung cancer assets:
late‑stage ROS1 inhibitor zidesamtinib and ALK inhibitor neladalkib, both under FDA review for 2026 approvals, plus the HER2 inhibitor NVL‑330 in phase I, as well as Nuvalent’s preclinical portfolio and discovery platform.

Management expects the acquisition to be accretive to sales and core operating profit from 2027 and to core EPS from 2029, helping offset patent‑loss headwinds for its HIV drug dolutegravir from 2028–2030.

The transaction, structured as a tender offer followed by a second‑step merger, is expected to close in the third quarter of 2026, subject to regulatory approvals and customary closing conditions, and will be funded primarily from new and existing debt plus cash.