GSK in talks to acquire Nuvalent for more than $9 billion

UK pharmaceutical group GSK is in talks to acquire oncology biotech Nuvalent for more than $9 billion, in what would be the British drugmaker’s largest acquisition in more than a decade, the Financial Times reported Tuesday.

The companies have been in discussions with the aim of finalizing a deal as early as this week, the FT reported, citing people familiar with the matter. Representatives for GSK and Nuvalent did not respond to CNBC’s requests for comment.

Both sides have yet to reach a final agreement and the talks could still fall apart over last-minute hurdles, according to the report. A potential deal could value Nuvalent at between $9 billion and $10 billion, representing a premium of roughly 29% to 43% over the biotech company’s market capitalization of nearly $7 billion at Monday’s close.

The deal would be the second largest acquisition in GSK’s history, the FT reported, trailing its 2014 asset swap with Novartis in which it assumed control of the Swiss drugmaker’s vaccines division in a transaction valued at $20 billion.

It would also mark a notable departure from the company’s focus on smaller transactions in recent years.

GSK chief executive Luke Miels, who took over the job from longtime boss Emma Walmsley at the start of the year, told investors in February that he would focus on transactions in the £2 billion to £4 billion range that were “hiding in plain sight.”

Miels has been tasked with overhauling a company that has struggled to allay investor concerns about its drug pipeline. GSK’s share price has climbed roughly 29% since Miels’ appointment was announced in September.

Nuvalent’s lead asset, neladalkib — a therapy that targets certain types of lung cancer — is currently undergoing FDA review with a deadline of Nov. 27.

The company also has a new drug application for zidesamtinib, for patients with a type of cancer known as ROS1-positive non-small cell lung cancer, under FDA review.

Analysts at CGS International estimated that if approved, neladalkib and zidesamtinib could generate combined annual revenues of $823 million in the 2029 financial year, in a January note to investors.

The deal also comes at a time of biotech dealmaking frenzy, driven by looming patent cliffs, newly buoyant public markets and pharma giants’ race to bolster their pipelines. Biotech deals globally reached $106 billion across 201 transactions so far in 2026, according to PitchBook data, putting the sector on track for its strongest year since the pre-pandemic peak.

— CNBC’s Elsa Ohlen contributed to this report.