Good morning. As I’ve been watching the NBA finals, every commercial break has started to sound like this.
GSK buys maker of targeted cancer drugs for $10.6B
Nuvalent is the latest biotech to be subsumed in the recent wave of pharma acquisitions, my colleague Andrew Joseph reported this morning. The company has two drugs under review by the Food and Drug Administration that target genetic mutations found in lung cancer. Approval decisions on both are expected later this year.
The deal announced this morning will give GSK, which has focused on gynecologic cancers as well as multiple myeloma, a broader lung cancer portfolio. GSK is paying $124 per share for Cambridge, Mass.-based Nuvalent, a 26% premium to the biotech’s average share price over the last 30 days.
It’s also the largest transaction pursued by new GSK CEO Luke Miels since he took over the reins from Emma Walmsley at the start of the year.
