June 9 (Reuters) – British drugmaker GSK on Tuesday agreed to acquire U.S.-listed cancer drug developer Nuvalent for $10.6 billion to boost its lung cancer portfolio.
The all-cash deal values Nuvalent at approximately $124 per share, a 40% premium to its last closing price.
GSK’s CEO Luke Miels has been tasked with convincing investors that the drugmaker can hit a revenue target of more than £40 billion by 2031, boost its drug pipeline and navigate the looming 2028 patent expiry of its HIV medicine dolutegravir.
Miels said the deal offers “significant new treatment options” for lung cancer patients and creates a platform to expand with Ris-Rez, GSK’s experimental antibody-drug conjugate in late-stage testing.
Net of cash acquired, GSK’s aggregate investment is estimated to be $9.4 billion, the British company said, adding that the deal is expected to add to sales and operating profit in 2027 and core earnings per share in 2029.
(Reporting by DhanushVignesh Babu and Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala and Louise Heavens)
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