GSK Plc has finalized a $10.6 billion acquisition of Nuvalent Inc., a biotech firm focused on developing targeted therapies for lung cancer. The deal, announced on Tuesday, involves a cash payment of $124 per share, reflecting a 40% premium over Nuvalent's recent closing price. This acquisition is a strategic move for GSK as it seeks to revitalize its oncology franchise, which has been gradually expanding since the company re-entered the cancer treatment market in 2019. The deal represents the first significant acquisition under CEO Luke Miels, who has been tasked with rejuvenating GSK's operations. Nuvalent, based in Cambridge, Massachusetts, has two promising drugs in late-stage clinical trials that could become blockbusters if approved by the US Food and Drug Administration later this year. Despite a slight dip in GSK's stock following the announcement, the company expects the acquisition to positively impact revenue growth starting in 2027. Historically, GSK had divested its oncology portfolio in 2014, while rival AstraZeneca has successfully built its own cancer drug lineup since then, highlighting the contrasting strategies of the two companies.