Nuvalent: FT is Busy: This Time A Potential Deal by GSK for NUVL for >$9B

Research evidence excerpt

Nuvalent: FT is Busy: This Time A Potential Deal by GSK for NUVL for >$9B

Equity Research

U.S. Small & Mid Cap Biotechnology

8 June 2026

Nuvalent

FT is Busy: This Time A Potential

Deal by GSK for NUVL for >$9B First Look

Implied premium for NUVL seems in line with recent NUVL OVERWEIGHT

POSITIVEpremiums of acquisitions in our oncology coverage U.S.BiotechnologySmall & Mid Cap

Price Target USD 152.00

Price (08-Jun-26) USD 88.49

Potential Upside/Downside +71.8%

Source: Bloomberg, Barclays Research

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Lukas Shumway, PhD

Financial Times reporting GSK close to deal for NUVL +1 212 526 7293

The Financial Times is reporting that GSK (covered by James Gordon) is in advanced talks to lukas.shumway@barclays.com

BCI, USacquire NUVL (OW). The announcement comes ahead of two FDA regulatory decisions for NUVL:

neladalkib, an ALK TKI (tyrosine kinase inhibitor) for patients with ALK+ NSCLC and

zidesamtinib, a ROS1 TKI for patients with ROS1+ NSCLC. Neladalkib has a November 27

regulatory action, while zidesamtinib has a September 18 action date. NUVL has been

advancing commercial preparations ahead of these two potential launches. NUVL also intends

to submit data to FDA in 2H to support a potential label expansion for zidesamtinib in TKI-naive

ROS1 NSCLC patients. To our knowledge, NSCLC, and specifically TKI-targeting NSCLC is not an

area where GSK has a presence, so neladalkib and zidesamtinib would be complementary to