June 8 (Reuters) – UK pharmaceutical group GSK is in talks to buy cancer drugmaker Nuvalent for more than $9 billion, the Financial Times reported on Monday, citing people familiar with the matter.
Here are some details:
• The companies were locked in discussions late on Monday, aiming to agree on a deal as soon as this week, the report said.
• A potential deal could value Nuvalent between $9 billion and $10 billion, according to the report.
• Reuters could not immediately verify the report. Nuvalent and GSK did not immediately respond to Reuters requests for comment.
• Nuvalent has a market value of nearly $7 billion, according to LSEG data.
• Nuvalent is a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer, according to its website.
• The deal comes at a time of biotech dealmaking frenzy, with large drugmakers on a spending spree to expand their product pipelines this year. If the current pace holds, the total biopharma M&A value could exceed $250 billion in 2026, according to a Stifel note in April.
(Reporting by Angela Christy in Bengaluru; Editing by Subhranshu Sahu)
Comments