GSK announced an agreement to acquire Boston-based clinical-stage biopharmaceutical company Nuvalent for $10.6 billion, adding a portfolio of targeted lung cancer therapies and strengthening its position in oncology.
The transaction includes three non-small cell lung cancer (NSCLC) programs, led by zidesamtinib (NVL-520) and neladalkib (NVL-655), two late-stage, next-generation inhibitors targeting ROS1-positive and ALK-positive NSCLC. Both therapies have received U.S. Food and Drug Administration Breakthrough Therapy and Orphan Drug designations and are currently under FDA review, with decision dates scheduled for September and November 2026. Subject to approval, both treatments are expected to launch this year and have multi-blockbuster potential.
The acquisition also includes NVL-330, a HER2 inhibitor currently in Phase I trials for HER2-altered NSCLC, as well as Nuvalent’s preclinical pipeline and drug discovery capabilities.
GSK said the deal aligns with its strategy of acquiring assets with clinically validated targets that address efficacy and tolerability limitations of existing therapies. The company expects the acquisition to provide new growth opportunities beginning in 2027 and establish a platform for further expansion in lung cancer alongside Ris-Rez, its B7-H3 antibody-drug conjugate currently in Phase III development.
Recent clinical data presented at the IASLC 2025 World Conference on Lung Cancer and the 2026 ASCO Annual Meeting highlighted the potential best-in-class profiles of zidesamtinib and neladalkib. Both candidates are designed to provide more durable responses, improved tolerability, better penetration of the blood-brain barrier, and broader mutation coverage compared with current therapies. ROS1- and ALK-altered NSCLC primarily affect non-smoking adults between the ages of 40 and 50.
Under the terms of the agreement, GSK will launch a tender offer for all outstanding Nuvalent shares at $124 per share in cash. The purchase price represents a 40% premium to Nuvalent’s last closing price and a 26% premium to the company’s 30-day volume-weighted average price. Net of cash acquired, GSK’s investment is estimated at $9.4 billion.
The acquisition is expected to contribute to revenue growth beginning in 2027 and support GSK’s ambition to generate more than £40 billion in annual sales by 2031. The company expects the transaction to be accretive to core operating profit in 2027 and to core earnings per share in 2029. The deal will be financed primarily through debt and cash and is not expected to affect GSK’s investment-grade credit profile or its dividend policy.
Nuvalent, founded to develop precision therapies for clinically validated kinase targets, has built a pipeline aimed at overcoming resistance mechanisms, minimizing adverse events, addressing brain metastases, and improving treatment durability.
KEY QUOTES:
“Today’s acquisition is a multi-product deal, consistent with our approach to acquire assets that have clinically proven targets and meaningfully address an efficacy and/or tolerability gap. The two lead products are potential best-in-class assets that could launch this year if approved by the FDA and offer significant new treatment options to patients with two forms of non-small cell lung cancer.
The acquisition provides GSK with immediate new sales growth opportunities, improving profit contributions from 2027, and a platform in lung cancer for rapid expansion with Ris-Rez, our B7-H3 targeted ADC in phase III clinical development.”
Luke Miels, Chief Executive Officer, GSK
“Since our founding, we have leveraged our deep expertise in chemistry and structure-based drug design to develop a portfolio of novel, potentially best-in-class kinase inhibitors. Our close collaboration with leading physician-scientists and patient advocates has driven remarkable enrolment, accelerating development and building confidence in the clinical profile of these drugs.
We’re excited that GSK has recognised the significant value these programmes can offer patients and shares our vision for practice-changing innovation. GSK’s proven track record, infrastructure, and expertise will support the successful commercialisation of zidesamtinib and neladalkib, as well as accelerate advancement of our broader discovery pipeline.”
James Porter, Ph.D., Chief Executive Officer, Nuvalent
