UK pharmaceutical group GSK is in talks to buy cancer drugmaker Nuvalent for more than $9bn, in what would be the FTSE 100 company’s biggest acquisition in more than a decade.
The companies were locked in discussions late on Monday with the aim of agreeing a deal as soon as this week, according to people familiar with the matter. However, a deal was yet to be formally agreed and talks could still collapse because of last-minute hurdles, the people warned.
A potential deal could value Nuvalent at between $9bn and $10bn, the people said, a significant premium to its nearly $7bn market capitalisation at Monday’s close. GSK and Nuvalent did not immediately respond to requests for comment.