Nuvalent Shares Soar Following GSK's Acquisition Announcement
Deep News
Jun 09
Shares of the American pharmaceutical company Nuvalent, Inc. surged nearly 39% after British biopharmaceutical firm GlaxoSmithKline PLC announced its acquisition of the company for $10.6 billion.
This all-cash transaction values Nuvalent at approximately $124 per share. Nuvalent currently has two drugs for a specific type of lung cancer under review by the U.S. Food and Drug Administration.
In a press release, GlaxoSmithKline PLC CEO Luke Mears stated that this acquisition will provide the company with immediate new sales growth opportunities. Shares of the pharmaceutical giant traded in the U.S. fell 1% in pre-market trading on Tuesday.
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