Reports indicate that GlaxoSmithKline PLC (GSK.US) is in advanced discussions to acquire cancer therapy company Nuvalent, Inc. (NUVL.US), with the deal valued between $9 billion and $10 billion.

Negotiations between the two companies intensified on Monday evening, with the goal of reaching an agreement as soon as this week. However, the deal remains subject to last-minute changes and could still fall through.

If completed, the transaction would represent a significant premium for Cambridge, Massachusetts-based Nuvalent, which currently has a market capitalization of approximately $7 billion. This acquisition would rank among the largest in GlaxoSmithKline's history.

The acquisition talks coincide with new CEO Luke Miels' efforts to revitalize the company. Analysts have previously suggested that Miels might implement efficiency programs and pursue mergers and acquisitions to bolster the company's new drug pipeline.

The British pharmaceutical giant has not been known for aggressive risk-taking and has long struggled to alleviate investor concerns about its drug pipeline. After exiting the oncology field for many years, GlaxoSmithKline has only recently returned to this competitive arena.

Looking at the growth drivers in its first fiscal quarter, the company's specialty medicines business performed strongly. Specialty drugs such as Jemperli for endometrial cancer and Apretude for HIV prevention are expected to achieve low double-digit growth this year, serving as key drivers for performance.

In January of this year, GlaxoSmithKline agreed to acquire U.S. biotech company Rapt Therapeutics (RAPT.US), which focuses on developing treatments for inflammatory and immune diseases, for $2.2 billion. In a separate transaction, the company also gained access to a pulmonary arterial hypertension drug.

It has also been reported that the company plans to conduct five late-stage clinical trials simultaneously for a promising oncology drug it has high hopes for.