GSK : Thoughts on Nuvalent: sensible acquisition building out oncology pipeline

研报英文原文证据摘录

GSK : Thoughts on Nuvalent: sensible acquisition building out oncology pipeline

EQUITIES

PHARMACEUTICALS

GSK NEUTRALPRICE* 1,913p  TARGET PRICE 1,960p (UPSIDE 2%)

GSK ADR NEUTRALPRICE* USD50.6  TARGET PRICE USD53.2 (UPSIDE 5%)

FLASH NOTE

Thoughts on Nuvalent: sensible acquisition building out oncology pipeline

9 JUNE 2026 Securities Research Report Production time: 08:06* (London time)

Research Analyst & Publishing Entities

Peter Verdult, CFA BNP Paribas London Branch (+44) 203 430 8683 peter.verdult@uk.bnpparibas.com

What happened?

GSK has entered an agreement to acquire Nuvalent for $10.6bn ($9.4bn net of cash acquired). Together with recent

investments to accelerate the ADC pipeline, oncology is clearly an area of priority for the new management team. We

believe the deal is sensible, with two assets expected to be approved before the end of the year, the near-term revenues

help GSK to navigate the upcoming HIV patent cliffs and will contribute c.$2bn towards GSK's mid-term 2031 £40bn

targets. GSK anticipates the deal to be EBIT accretive in 2027 and accretive to EPS in 2029e. The deal is expected to

close in Q3 2026 and will be financed with existing and new credit facilities; we expect leverage to remain under 2.0x.

BNPP View:

Nuvalent's clinical pipeline is primarily focused on selective, brain-penetrant TRK-sparing TKIs designed to overcome

secondary resistance mutations and CNS metastases in lung cancer. There are four assets in Nuvalent's pipeline, two

already with registrational data and anticipated to be approved before the end of the year. Cons currently forecast

$3.5bn revenues at peak. We summarise details of the key assets below:

– Neladalkib. Neladalkib is brain-penetrant, ALK-selective inhibitor in development for ALK-positive NSCLC, with