The British drugmaker said it would begin a tender offer within 10 business days to buy all outstanding Nuvalent Class A and Class B common shares. Nuvalent issued the same transaction terms in its investor-relations release.
Table: GSK-Nuvalent transaction terms
| Term | Value |
|---|---|
| Offer price | $124 a share in cash |
| Aggregate equity value | $10.6bn |
| Aggregate investment net of cash acquired | $9.4bn |
| Premium to last closing price | 40% |
| Premium to 30-day VWAP | 26% |
Source: GSK and Nuvalent releases, 9 June 2026.
GSK said the $10.6 billion equity value was equal to about £8.0 billion, and that the aggregate investment net of cash acquired was about $9.4 billion, or £7.1 billion. It said the $124 offer price represented a 40% premium to Nuvalent's last closing price and a 26% premium to its 30-calendar-day volume-weighted average price, a measure of the average trading price weighted by volume.
The transaction is subject to customary closing conditions, including the tender of a majority of Nuvalent's outstanding Class A common shares and the expiration or termination of the US Hart-Scott-Rodino waiting period, the antitrust review period for certain mergers. GSK said it expected, after the tender offer closes, to acquire remaining Nuvalent shares through a second-step merger under Delaware law at the same price.
GSK described Nuvalent as a Boston-based clinical-stage biopharmaceutical company focused on precisely targeted oncology therapies. Its release says the deal includes zidesamtinib and neladalkib, late-stage ROS1 and ALK inhibitors for non-small cell lung cancer, and NVL-330, a HER2 inhibitor in phase I trials. Non-small cell lung cancer is the most common broad form of lung cancer; ROS1, ALK and HER2 refer to genetic alterations that can guide targeted treatment.
The company said zidesamtinib and neladalkib are under US Food and Drug Administration review with target decision dates in September and November 2026. That is not the same as approval. The release also contains a forward-looking-statement warning that trial, regulatory and commercial outcomes may differ from management expectations.