GSK has agreed to buy cancer-focused biotech company Nuvalent for $10.6 billion in cash, marking the British drugmaker’s largest acquisition in more than a decade.
It signals a major push into cancer treatments under new CEO Luke Miels.
The deal values Nuvalent at $124 per share, a 40% premium to its closing stock price on Monday. Excluding Nuvalent’s cash holdings, the company’s enterprise value stands at about $9.4 billion.
The acquisition gives GSK access to two late-stage lung cancer drugs, zidesamtinib and neladalkib, which could receive FDA approval later this year.
Miels said the medicines could offer new treatment options for patients with certain forms of non-small-cell lung cancer and help drive GSK’s sales growth.
The takeover comes amid a surge in biotech mergers and acquisitions, with global sector dealmaking reaching nearly $211 billion so far in 2026. The move also highlights GSK’s ambition to strengthen its oncology business and achieve annual revenue of more than $53 billion by 2031.