June 16, 2026 | Health Care | North America | Active
On 9-Jun-26, UK pharmaceutical group GSK announced its largest acquisition in more than a decade by agreeing to buy US cancer biotech Nuvalent for $10.6bn. Under the terms of the agreement, Nuvalent shareholders will receive $124 per share in cash, a 40.1% one-day takeover premium. The offer covers both Nuvalent’s Class A shares and unlisted Class B shares and is structured as a cash tender offer, with any shares not tendered subsequently acquired through a second-step merger under Delaware law at the same price per share. GSK intends to fund the deal primarily through new and existing debt facilities, plus cash, with no impact on its investment grade credit rating and with balance sheet capacity preserved for further business development. There is no financing condition. The Nuvalent board unanimously determined that the transaction is in the best interests of the company and recommends that shareholders tender their shares. The deal is conditional on a majority of Nuvalent’s outstanding Class A shares accepting the offer. Entities affiliated with Deerfield Management (Nuvalent’s sole founding investor, 23.7% of Class A, all of Class B), together with Nuvalent directors and certain officers, which collectively own 28% of the Class A shares, have entered into tender and support agreements. The companies also need to ...
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