On July 2, GSK rose 3.02% in regular trading, reaching $53.00/share, with turnover of approximately $14.97 million. The move was supported by broad-based pharmaceutical sector strength and the ongoing advancement of its landmark acquisition of Nuvalent.

The pharmaceutical sector saw notable gains on the session, with AstraZeneca rising 3.87%, Novo Nordisk up 3.3%, and Pfizer gaining 1.93%, reflecting improved industry sentiment. Concurrently, GSK's subsidiary Harmony Row Acquisition has formally commenced a tender offer to acquire all outstanding shares of Nuvalent at $124 per share in an all-cash transaction, with withdrawal rights expiring on July 14. The $10.6 billion deal represents GSK's largest acquisition in a decade, aimed at bolstering its lung cancer drug pipeline with two late-stage precision oncology assets targeting ALK- and ROS1-positive non-small cell lung cancer. Nuvalent's board has recommended shareholders accept the offer.

The transaction follows a strong Q1 earnings report where GSK posted revenue of 7.63 billion pounds, beating consensus, with oncology sales growing 28% year-over-year.

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