Nuvalent Inc (NASDAQ:NUVL) is soaring in premarket trading, up 38.9% to trade at $122.88, after London-based GSK agreed to acquire the cancer drug developer in an all-cash deal valued at approximately $10.6 billion. Under the terms of the agreement, GSK will pay $124 per share, representing a roughly 40% premium to Monday's closing price. The acquisition marks GSK's largest deal in more than a decade and expands its oncology portfolio.
Today's rally has NUVL stock set to open at fresh record highs. Prior to the buyout news, the shares had been struggling, down 12% in 2026 and nearly 16% over the last month.
Short sellers may be helping fuel some of this morning's outsized move. Short interest rose 4.9% in the most recent reporting period and now accounts for 7% of Nuvalent stock's available float. It would take shorts nearly nine days to cover, at NUVL's average pace of trading.
