GSK's $10.6 Billion Bet on an Unapproved Cancer Drug

GSK is paying $10.6 billion for Nuvalent, a biotech firm with no approved treatments on the market. At $124 per share, all in cash, the deal signals that big pharmaceutical companies still see value in early-stage drug pipelines—even as the biotech sector faces headwinds. GSK's decision to pay upfront, with no contingent payments tied to future results, suggests real confidence in the science.