GSK made an all-cash bid to buy the small cancer-focused biotech company for $10.6 billion.

The deal comes at a time of biotech dealmaking frenzy, driven by looming patent cliffs, newly buoyant public markets and drugmakers' race to bolster pipelines.

GSK has bought a Boston-based biopharmaceutical firm that specialises in lung cancer treatment in a $10.6bn deal.

British pharmaceutical giant GSK has announced a massive $10.6 billion deal to acquire Nuvalent. This Boston-based company specializes in cancer treatments. The acquisition…