LONDON — GSK said Tuesday it would buy the cancer-focused biotech Nuvalent in a deal worth $10.6 billion, as the British firm continues its expansion in oncology.
The deal is the latest in a run of biopharma acquisitions in recent months, as large and even midsize companies have been looking to bolster their pipelines as some of their key products face looming generic competition. The GSK-Nuvalent deal is one of the largest in the recent buying spree, and GSK’s largest in years.
GSK is paying $124 per share for Cambridge, Mass.-based Nuvalent, a 26% premium to the biotech’s average share price over the last 30 days. With the cash acquired through the deal, GSK is spending about $9.4 billion on the pickup.Â
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