Pharmaceutical giant GSK has agreed to buy US cancer drug firm Nuvalent in a 10.6 billion US dollar (£8 billion) deal as it looks to expand its cancer treatment offering.
The UK group will pay 124 US dollars (£92.71) a share for Nasdaq-listed Nuvalent, which is based in Cambridge, Massachusetts.
It is thought to be GSK’s biggest deal in more than a decade.
GSK said the acquisition would see it add three products to tackle lung cancer “in a single transaction”, two of which are under review by the US Food and Drug Administration (FDA) for approval.
Nuvalent has two experimental lung cancer treatments in late-stage development – zidesamtinib and neladalkib.
GSK chief executive Luke Miels, who took on the role in January, said Nuvalent’s “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,” he added.
