GSK's $10.6 Billion Nuvalent Bid Signals Big Pharma Still Buying Clinical-Stage Assets

GSK agreed to acquire clinical-stage cancer biotech Nuvalent for $10.6 billion in all-cash, $124-per-share offer announced 9 June 2026. The deal—for a company with no approved products—resets comparables for precision oncology M&A and signals large pharma's continued appetite for pipeline assets despite biotech sector headwinds. The all-cash structure with no earnouts suggests GSK's confidence in the acquired programmes justifies full upfront risk.