GSK plc (NYSE:GSK) on Tuesday agreed to acquire Boston-based biotech firm Nuvalent, Inc.
(NASDAQ:NUVL) for $10.6 billion in cash as the British drugmaker seeks to strengthen its lung cancer portfolio.
Under the agreement, GSK will acquire all outstanding Nuvalent shares for $124 each in cash, representing a 40% premium to its last closing price of $88.49.
Nuvalent shares surged 38.7% to $122.76 in premarket trading following the announcement.
"The acquisition provides GSK with immediate new sales growth opportunities, improving profit contributions from 2027, and a platform in lung cancer…" GSK CEO Luke Miels said in a statement.
