GSK said it has agreed to buy Nuvalent for $10.6 billion in cash, or $124 a share, a price that values the target at a 40% premium to its last close and 26% above its 30-day volume-weighted average.
Net of cash acquired, GSK put the investment at $9.4 billion.
The deal brings three lung-cancer assets into GSK’s portfolio. Two are late-stage programs already under FDA review: zidesamtinib for ROS1-positive non-small cell lung cancer and neladalkib for ALK-positive NSCLC. GSK said both drugs have FDA breakthrough therapy and orphan drug designations, with target decision dates of 18 September 2026 for zidesamtinib and 27 November 2026 for neladalkib. Both are expected to launch in 2026 if approved.
The third asset, NVL-330, is a phase I HER2 inhibitor for HER2-altered NSCLC.
GSK said the transaction is expected to be accretive to sales and core operating profit in 2027 and to core EPS in 2029, including synergies and reprioritisation. It also said the deal should add to revenue growth from 2027 and support its broader ambition for sales of more than £40 billion by 2031.
For 2026, GSK said there is no change to its full-year guidance range of 7% to 9% core operating profit and core EPS growth. It expects the acquisition to cause low single-digit percentage dilution to core EPS in the current year, 2027 and 2028 if the transaction closes in the third quarter of 2026.
GSK said the purchase will be funded mainly with new and existing debt facilities plus cash. It said the deal should not affect its credit rating and that it remains committed to a 70p expected dividend for 2026.
Nuvalent’s pipeline also includes multiple preclinical programs, and GSK said it will assume Nuvalent’s existing revenue-sharing arrangements, including low-single-digit royalties payable to Royalty Pharma and Deerfield. Following these announcements, the company's shares moved 38.82%, and are now trading at a price of $122.84. For the full picture, make sure to review Nuvalent's 8-K report.
