GSK, the UK-based pharmaceutical giant, is in discussions to acquire the oncology biotech company Nuvalent for more than $9 billion, potentially finalizing the deal within the week. This acquisition would represent a significant premium of 29% to 43% over Nuvalent's market capitalization of nearly $7 billion. If completed, it would be GSK's largest acquisition in over a decade, second only to its $20 billion asset swap with Novartis in 2014. The move signifies a strategic shift for GSK under the leadership of CEO Luke Miels, who has expressed intentions to pursue larger transactions after focusing on smaller deals in recent years. Nuvalent's lead asset, neladalkib, is currently under FDA review, with a decision due by November 27, and has the potential to generate significant annual revenues if approved. The ongoing negotiations occur amid a broader trend of increased biotech acquisitions, with the sector on track for a record year in 2026, driven by factors such as patent expirations and a resurgence in public market interest.