GSK (O) + NUVL (O): Best M&A upside since Enhertu without the financing controversy

研报英文原文证据摘录

GSK (O) + NUVL (O): Best M&A upside since Enhertu without the financing controversy

23 June 2026

European Biopharmaceuticals

GSK (O) + NUVL (O): Best M&A upside since Enhertu without the

financing controversy

From the NUVL perspective, large cap pharmaceutical companies have a long history of Jeffrey Walch

+1 917 344 8613 questionable M&A decisions that struggle to create shareholder value. In our opinion, GSK’s

jeffrey.walch@bernsteinsg.com announced acqusition of our top pick NUVL will be the rare example to the contrary: A value-

creating Oncology acquisition by large-cap pharma at an excellent price - despite the 40%

Justin Smith premium. From the GSK perspective, considering the sound rationale, this transaction

+44 20 7762 5899

justin.smith@bernsteinsg.com implies 9% upside to our GSK DCF of £23.50 (based on our colleagues’ >consensus

estimates). We thus see this M&A as another crucial piece in the jigsaw which restores GSK

Shan Mian to sustainable growth and transforms investors’ perceptions.

+44 20 7676 8981

shan.mian@bernsteinsg.com What’s the US biotech team’s perspective on NUVL’s takeout? Our bullish long-term

sentiment on NUVL is well documented. We identified Nuvalent as our top pick when

Maximilian Brewster we launched coverage last month (Link). Our perspective is that prior to the announced +44 20 7550 2193

maximilian.brewster@bernsteinsg.com acquisition, the market was underestimating the potential for both neladalkib (ALK+

NSCLC) and zidesamtinib (ROS1+ NSCLC). We are not surprised by GSK’s planned

Specialist Sales acquisition of NUVL given: (1) GSK’s Oncology ambition; (2) the strength of clinical data

for neladalkib and zidesamtinib and (3) the unicorn status we highlight in our notes for

Christian Moore