Biotech - Strategic Appetite Endures: Inside GSK's $10.6B NUVL Deal; Positive Read to NUVB, AVBP & Assets at the Ready

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Biotech - Strategic Appetite Endures: Inside GSK's $10.6B NUVL Deal; Positive Read to NUVB, AVBP & Assets at the Ready

Truist Securities

Equity Research Report June 24, 2026

HEALTHCARE: Biotechnology

Biotech - Strategic Appetite Endures:

Inside GSK's $10.6B NUVL Deal; Positive Gregory Renza, M.D.

212-419-4617 Read to NUVB, AVBP & Assets at the

Gregory.Renza@truist.com Ready

Supawat Thongthip, Ph.D.

212-401-4429 Today, in the 14D-9 filings, additional details on GSK's NUVL acquisition process were

Supawat.Thongthip@truist.com disclosed, highlighting engagement with at least 8 parties - underscoring interest in ALK/

ROS1 and more broadly mutation-driven NSCLC, providing a favorable readthrough

Anish Nikhanj, Ph.D. for NUVB and AVBP. We believe positive ALKOVE-1 topline served as a key catalyst

212-326-3106 for deeper diligence with GSK emerging as the only bidder willing to move ahead of

Anish.Nikhanj@truist.com full clinical de-risking. Notably, final negotiation occurred against the backdrop of post-

ASCO share pressure. The filing also suggests risk-adjusted revenue expectations of

~$5.3B in 2035, above our ests., supporting confidence in both ALK and ROS1 NSCLC 5 Page Document

markets.

Reasons for this report GSK emerges from a field of at least 8 suitors. This underscores, in our view, broad

strategic interest in the ALK/ROS space and more broadly, mutation-driven NSCLC ✓ Quick Reaction to Newsflow/Volatility

franchises with niche but well-defined commercial opportunities - a potential positive

readthrough to Nuvation Bio (NUVB, Buy) and ArriVent (AVBP, Buy) but also to later-

stage, de-risked assets that hold known strategic value, have a line of sight to market

while showing meaningful pullbacks e.g., Abivax (ABVX, Buy) and Viridian (VRDN,

Buy).