GSK agreed to acquire Nuvalent, in a deal valued at $10.6 billion in total, adding three late- and early-stage assets targeting non-small cell lung cancer to its oncology pipeline in a single transaction.

What is GSK acquiring?

The deal centers on two late-stage assets, zidesamtinib, a next-generation ROS1 inhibitor, and neladalkib, a next-generation ALK inhibitor, both of which are currently under FDA review with target decision dates of September 18 and November 27, 2026, respectively.¹ Both drugs have received FDA Breakthrough Therapy and Orphan Drug Designations and, if approved, are expected to launch before year-end. GSK describes both as potential best-in-class therapies with multi-blockbuster commercial potential.^2,3

The third asset, NVL-330, is an investigational HER2 inhibitor currently in Phase I trials for HER2-altered non-small cell lung cancer (NSCLC). The acquisition also includes Nuvalent's broader preclinical portfolio built on the company's precision medicine capabilities and structural biology expertise.¹

"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," said Luke Miels, chief executive officer of GSK. "The two lead products are potential best-in-class assets that could launch this year if approved by FDA and offer significant new treatment options to patients with two forms of non-small cell lung cancer."

What are the details of the deal?

Under the terms of the merger agreement, GSK is set to launch a tender offer to acquire all outstanding shares of Nuvalent's Class A and Class B common stock at $124 per share in cash, a 40% premium to the last closing price and a 26% premium to the 30-day volume-weighted average price.¹ Net of cash acquired, GSK's aggregate investment is estimated at a value of $9.4 billion, with the transaction expected to close in the third quarter of 2026 and is subject to antitrust clearance and customary closing conditions.

Why are zidesamtinib and neladalkib considered best-in-class candidates?

Pivotal data presented at the IASLC 2025 World Conference on Lung Cancer and the 2026 ASCO Annual Meeting showed both drugs offer meaningful advances over existing therapies, while both are also designed to deliver high target-selectivity, durable treatment response, improved tolerability, and enhanced blood-brain barrier penetration, a critical feature given the tendency of NSCLC to spread to the brain.¹ They also offer broader coverage of ALK and ROS1 resistance mutations, directly targeting a key failure mode of current standard-of-care inhibitors.

"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," said James Porter, PhD, chief executive officer of Nuvalent. "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."

What does the deal mean for GSK's financial outlook?

GSK says the acquisition does not change its 2026 full-year guidance of 7-9% core operating profit and core EPS growth.¹ Revenue contributions are expected to begin in 2027, with core operating profit accretion expected that same year and core EPS accretion projected for 2029. The company also anticipates low single-digit percentage dilution to core EPS in 2026, 2027, and 2028 as integration costs are absorbed.¹

The transaction will be funded primarily through new and existing debt facilities plus cash, with no impact expected to GSK's credit rating. GSK says it’s retaining balance sheet capacity for further business development and is remaining committed to its 70p expected dividend for 2026.¹

Sources

1. GSK enters agreement to acquire Nuvalent, Inc. GSK June 9, 2026 https://www.gsk.com/en-gb/media/press-releases/gsk-enters-agreement-to-acquire-nuvalent-inc/
2. Nuvalent Receives U.S. FDA Breakthrough Therapy Designation for NVL-520 Nuvalent February 27, 2024 https://investors.nuvalent.com/2024-02-27-Nuvalent-Receives-U-S-FDA-Breakthrough-Therapy-Designation-for-NVL-520
3. Nuvalent Receives U.S. FDA Breakthrough Therapy Designation for NVL-655 Nuvalent may 16, 2024 https://www.prnewswire.com/news-releases/nuvalent-receives-us-fda-breakthrough-therapy-designation-for-nvl-655-302148228.html