Downgrading to Neutral - A "NU" Beginning; NUVL to be Acquired by GSK for $124/share

Research evidence excerpt

Downgrading to Neutral - A "NU" Beginning; NUVL to be Acquired by GSK for $124/share

dalkib. Based on the proposed transaction closing (3Q26), Market Cap. (mil) US$6,964.2

Avg Daily Vol (000) 655 it's possible the deal closes after the ROS1 PDUFA (the lower risk of the 2, in our view),

Div Yield 0.00%

but should close well before the ALK PDUFA (slightly higher risk on the specific labelling Fiscal Year End Dec

vs. the ROS1 filing, in our view). The Ph. 3 ALKAZAR trial would likely not read-out until

~2028/2029, per our estimates and CT.gov primary completion. Price Performance - 1 Year

USD

• GSK is a logical buyer as they aim to build out a footprint in NSCLC; Another buyer 120

stepping in still remains a possibility in our view. NUVL has been on the short-list for 110

take-out within the oncology space for several years now. With the highly competitive,

best-in-class clinical data generated to date across both neladalkib and zidesamtinib, we 100

think it's possible a suitor with an existing NSCLC franchise could outbid the $10.6B offer

from GSK. That said, we think $10.6B represents a fair price with $124/share coming

in just slightly below our prior PT of $128. As for investors, we think they are happy to 80

see NUVL M&A potential finally realized with $124/share likely to be viewed as fair but

potentially on the lower end of expectations, in our view. Jun-2570 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION Source: Bloomberg

Clinical, regulatory, commercial risks, and financing beyond what we have modeled.

COMPANY DESCRIPTION

NUVL is a precision oncology company developing highly selective TKIs for NSCLC.

REVENUE (US$ m) EARNINGS PER SHARE (US$) YEAR

Mar Jun Sep Dec FY FY RM Mar Jun Sep Dec FY FY P/E