GlaxoSmithKline will acquire biopharmaceutical company Nuvalent for $1.06 billion.

GlaxoSmithKline has agreed to acquire the clinical-stage biopharmaceutical company Nuvalent for a deal worth $10.6 billion, aiming to expand its presence in the oncology treatment field. According to the announcement on Tuesday, GlaxoSmithKline will acquire Nuvalent, headquartered in Cambridge, Massachusetts, for $124 per share in cash. The acquisition price represents a 40% premium over Nuvalent's closing price on Monday. The transaction is expected to be completed by the third quarter and is subject to regulatory approval.