Nuvalent, Inc. (NUVL)

Nuvalent, Inc. was a clinical-stage biopharmaceutical company based in Cambridge, Massachusetts, focused on targeted therapies for cancers driven by specific genetic changes. It was founded in 2017 and became public through an initial public offering on Nasdaq in July 2021, trading under the symbol NUVL.

Its approach was to design kinase inhibitors that are selective for specific targets, with the aim of overcoming resistance to existing drugs and limiting side effects on the central nervous system, while also reaching tumors in the brain. Its two lead programs were NVL-520, a brain-penetrant ROS1-selective inhibitor, and NVL-655, a brain-penetrant ALK-selective inhibitor. NVL-520 was designed to treat ROS1-positive cancers, including those that had become resistant to approved ROS1 inhibitors. NVL-655 was developed for ALK-positive cancers, including patients whose disease had progressed after first-, second- and third-generation ALK inhibitors. Both programs began in early clinical trials and advanced into later stages of development.

The company had a dual-class share structure, with Class A common stock listed on Nasdaq and Class B common stock held by certain early investors. Like other clinical-stage companies, it funded operations through equity offerings.

On June 9, 2026, Nuvalent entered into a merger agreement with GSK plc and its subsidiaries under which GSK would acquire all shares for $124.00 per share in cash. The transaction was structured as a tender offer, which began on June 24, 2026, followed by a merger under Section 251(h) of the Delaware General Corporation Law, so no stockholder vote was needed. The deal was reported as valued at about $10.6 billion.

The size of the tender offer acceptance, at over 91 percent of all outstanding shares, met the minimum tender condition in the agreement, allowing GSK to close without a stockholder meeting. Stockholders who did not tender received the same $124.00 per share in the merger that followed, unless they exercised appraisal rights under Delaware law.

Nuvalent's pipeline, particularly its ROS1 and ALK inhibitors, fit within GSK's interest in oncology. As part of GSK, the programs continue development under the larger company's resources, and Nuvalent no longer files separate public reports.

The tender offer expired on July 14, 2026, with about 72.5 million shares tendered, representing roughly 91.3 percent of outstanding shares. GSK accepted the shares for payment and completed the merger on July 15, 2026, and Nuvalent became a wholly owned subsidiary. Options and restricted stock units were cancelled for cash, and a Form 25 and Form 15 were filed to end listing and reporting.