GSK PLC $10.6bn proposed acquisition of Nuvalent adds ALK and ROS lung cancer assets with collective multi-billion potential largely dependent on a PIII in 2029

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GSK PLC $10.6bn proposed acquisition of Nuvalent adds ALK and ROS lung cancer assets with collective multi-billion potential largely dependent on a PIII in 2029

C A Z E N O V E Europe Equity Research

09 June 2026

GSK PLC

$10.6bn proposed acquisition of Nuvalent adds ALK Underweight

and ROS lung cancer assets with collective multi-billion GSK.L, GSK LN

potential largely dependent on a PIII in 2029 Price (08 Jun 26):1,913p

European Pharmaceuticals &

This morning, GSK announced the acquisition of Nuvalent Inc. (covered by US Biotechnology

Biotech analyst Anupam Rama) for $10.6bn (£8.0bn), adding two late-stage, next Zain Ebrahim AC

generation highly selective ALK [neladalkib] and ROS1 inhibitors [zidesamtinib] (44-20) 3493-1163

for the treatment of non-small cell lung cancer. The lead asset neladalkib accounts zain.ebrahim@jpmorgan.com

J.P. Morgan Securities plc

for ⅔ to ¾ of the deal valuation, with a PDUFA in 2L+ ALK positive lung cancer

Richard Vosser

of November 27, 2026 while zidesamtinib has a PDUFA of September 18th 2026.

(44-20) 7742-6652

In the Phase I/II ALKOVE-1 trial in 2L+ ALK+ lung cancer, neladalkib showed richard.vosser@jpmorgan.com

an ORR of 46%, a complete response rate of 5% and a median PFS of 14.5 months, J.P. Morgan Securities plc

which looks comparable on response rates with Pfizer’s* Lobrena’s pivotal Phase Sophia Graeff Buhl Nielsen

II efficacy of a 48% ORR, 4% complete response rate and a duration of response (44-20) 7742-3918

of 12.5 months. This seems potentially supportive of the more significant 1L ALK sophia.graeffbuhlnielsen@jpmorgan.com

+ ALKAZAR lung cancer trial which is testing neladalkib vs. Roche’s Alecensa, J.P. Morgan Securities plc

with a potential readout in 2029, given Lobrena’s efficacy advantage over Dhitee Goel