# EDGAR Filing Document

**Accession Number:** 0001861560
**File Stem:** 0001193125-26-264048
**Filing Date:** 2026-6
**Character Count:** 61832
**Document Hash:** 716aba4e4a188c418aa044760341873e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-264048.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001193125-26-264048

**CONFORMED SUBMISSION TYPE**: SC TO-C

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**GROUP MEMBERS**: GLAXOSMITHKLINE LLC

**GROUP MEMBERS**: HARMONY ROW ACQUISITION CO.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuvalent, Inc.
- **CENTRAL INDEX KEY:** 0001861560
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92743
- **FILM NUMBER:** 261077179

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BROADWAY, 14TH FLOOR
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 508-446-2272

**MAIL ADDRESS:**
- **STREET 1:** ONE BROADWAY, 14TH FLOOR
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GSK plc
- **CENTRAL INDEX KEY:** 0001131399
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** SC TO-C

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 79 NEW OXFORD STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** WC1A 1DG
- **BUSINESS PHONE:** 44 20 8047 5000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 79 NEW OXFORD STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** WC1A 1DG

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSK PLC
- **DATE OF NAME CHANGE:** 20220516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLAXOSMITHKLINE PLC
- **DATE OF NAME CHANGE:** 20010105

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE TO** 

**Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)** 

**of the Securities Exchange Act of 1934** 

## NUVALENT, INC.
**(Name of Subject Company)** 

**HARMONY ROW ACQUISITION CO.,** 

**GLAXOSMITHKLINE LLC** 

**and** 

**GSK PLC** 

**(Name of Filing Persons (Offerors))** 

**Class A Common Stock, par value $0.0001 per share** 

**Class B Common Stock, par value $0.0001 per share** 

**(Title of Class of Securities)** 

**670703107** 

**(CUSIP Number of Class of Securities (Underlying Class A Common Stock))** 

**N/A** 

**(CUSIP Number of Class of Securities (Underlying Class B Common Stock))** 

**David Rea** 

**GlaxoSmithKline LLC** 

**1250 South Collegeville Road** 

**Collegeville, PA 19426** 

**+1 215-219-7521**

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)** 

***Copy to:***

**William J. Chudd** 

**Daniel Brass** 

**Davis Polk & Wardwell LLP** 

**450 Lexington Avenue** 

**New York, NY 10017** 

**Telephone: +1 (212) 450-4000**

**Calculation of Filing Fee** 

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| &nbsp;&nbsp;&nbsp;**Transaction Valuation** | **Amount of Filing Fee** |
| &nbsp;&nbsp;&nbsp;N/A | N/A |

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☐ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and date of its filing.

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| | |
|:---|:---|
| Amount Previously Paid: N/A | Filing Party: N/A |
| Form or Registration No.: N/A | Date Filed: N/A |

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☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☒ third-party tender offer subject to Rule 14d-1.

☐ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

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**SCHEDULE TO** 

The pre-commencement communication filed under cover of this Tender Offer Statement on Schedule TO are being filed by GSK plc, a public limited company organized under the laws of England and Wales ("<u>GSK plc</u>"), pursuant to General Instruction D to Schedule TO relate to a planned cash tender offer for all of the issued and outstanding shares of Class A common stock, par value $0.0001 per share and Class B common stock, par value $0.0001 per share (collectively, the "<u>Shares</u>"), of Nuvalent, Inc., a Delaware corporation (the "<u>Company</u>"), pursuant to an Agreement and Plan of Merger, dated as of June 9, 2026, by and among GlaxoSmithKline LLC, a Delaware limited liability company and a wholly-owned subsidiary of GSK plc ("<u>Parent</u>"), Harmony Row Acquisition Co., a Delaware corporation and a wholly-owned subsidiary of Parent ("<u>Purchaser</u>"), the Company, and solely for purposes of Section 9.14 therein, GSK plc, a public limited company organized under the laws of England and Wales.

**Additional Information** 

The tender offer for the Shares referenced in this announcement has not yet commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell Shares or any other securities, nor is it a substitute for the tender offer materials that GSK plc, Parent and Purchaser will file or cause to be filed with the Securities and Exchange Commission (the "<u>SEC</u>") upon the commencement of the tender offer. At the time the tender offer is commenced, GSK plc, Parent and Purchaser will file or cause to be filed with the SEC a tender offer statement on Schedule TO (the "<u>Tender Offer Statement</u>"), and the Company will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>"), in each case, with respect to the tender offer. **THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER.** The tender offer for Shares will be made only pursuant to the Offer to Purchase, the Letter of Transmittal and related documents filed as a part of the Tender Offer Statement. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents), as well as the Solicitation/Recommendation Statement, will be made available to all holders of Shares at no expense to them. The Tender Offer Statement and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov. Copies of the documents filed by GSK plc, Parent and Purchaser with the SEC will also be available free of charge on GSK plc's website at https://www.gsk.com/en-gb/investors or by contacting GSK plc's investor relations department at gsk.investor.relations@gsk.com. Copies of the documents filed by the Company with the SEC will also be available free of charge on the Company's investor relations website at https://investors.nuvalent.com/. In addition, stockholders of the Company may obtain free copies of the tender offer materials by contacting the information agent for the tender offer that will be named in the Tender Offer Statement.

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**Forward-looking Statements** 

GSK plc cautions investors that any forward-looking statements or projections made by GSK plc, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the "Risk Factors" section in GSK plc's Annual Report on Form 20-F for the year ended December 31, 2025. The pre-commencement communications filed under cover of this Tender Offer Statement on Schedule TO include forward-looking statements related to the Company, neladalkib, zidesamtinib and the acquisition of the Company by GSK plc, Parent and Purchaser that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the Company and members of its senior management team and can typically be identified by words such as "believe," "expect," "estimate," "predict," "target," "potential," "likely," "continue," "ongoing," "could," "should," "intend," "may," "might," "plan," "seek," "anticipate," "project" and similar expressions, as well as variations or negatives of these words. Forward-looking statements include, without limitation, statements regarding the merger, similar transactions, prospective performance, future plans, events, expectations, performance, objectives and opportunities and the outlook for the Company's business; the commercial success of the Company's products; the anticipated timing of clinical data and regulatory filings or approvals relating to products; the possibility of favourable or unfavourable results from clinical trials; the anticipated benefits of the acquisition; filings and approvals relating to the transaction; the expected timing of the completion of the transaction; the parties' ability to complete the transaction; and the accuracy of any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: uncertainties as to the timing of the tender offer and completion of the merger; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that the Company stockholders may not tender into the offer a majority of the Shares outstanding at the time of the expiration of the offer or that required regulatory approvals may not be obtained or are obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger; the failure to realize anticipated benefits of the proposed acquisition when expected or at all; potential adverse reactions or changes to business relationships resulting from the proposed acquisition, including the effect of the announcement, pendency or consummation of the acquisition on the ability of the Company to retain and hire key personnel or maintain key vendor, supplier or partner relationships; risks that the proposed acquisition disrupts the current plans and operations of the Company; transaction costs; risks associated with potential litigation or regulatory actions related to the transaction; and other risks and uncertainties described from time to time in documents filed with the SEC by the Company, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, as well as the Solicitation/Recommendation Statement to be filed by the Company, or in GSK plc's Annual Report on Form 20-F for the year ended December 31, 2025 filed with the SEC by GSK plc, as well as the Tender Offer Statement to be filed by GSK plc, Parent and Purchaser. All forward-looking statements are based on information currently available to GSK plc and the Company neither GSK plc nor the Company assumes any obligation to update any forward-looking statements.

**\*\*\*** 

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| | |
|:---|:---|
| **Item 12.** | **Exhibits.** |
| (a)(5)(a) | [GSK plc investor call slides, dated June 9, 2026](d142612dex99a5a.htm) |
| (a)(5)(b) | [Transcript of media call on June 9, 2026](d142612dex99a5b.htm) |
| (a)(5)(c) | [Social media content by GSK plc on X](d142612dex99a5c.htm) |
| (a)(5)(d) | [Social media content by GSK plc on LinkedIn](d142612dex99a5d.htm) |
| (a)(5)(e) | [Social media content by GSK plc on Bluesky](d142612dex99a5e.htm) |
| (a)(5)(f) | [Social media content by Tony Wood on LinkedIn](d142612dex99a5f.htm) |
| (a)(5)(g) | [Social media content by Chris Sheldon on LinkedIn](d142612dex99a5g.htm) |

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## Ex-99.(A)(5)(A)

![](g142612exa5ap1g1.jpg)

09 June 2026 Exhibit (a)(5)(a) Agreement to acquire Nuvalent Presentation intended for professional investor use only gsk.com

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![](g142612exa5ap2g1.jpg)

Speakers Luke Miels Nina Mojas Tony Wood Julie Brown Chief Executive President, Global Chief Scientific Chief Financial Officer Product Strategy Officer Officer 2

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![](g142612exa5ap3g1.jpg)

Disclosure statement This presentation is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer or a recommendation to sell securities, nor is it a substitute for the tender offer materials that GSK plc, GlaxoSmithKline LLC ("GSK LLC") and its wholly-owned subsidiary, Harmony Row Acquisition Co. will file with the Securities and Exchange Commission (the "SEC"). The tender offer for the outstanding shares of Nuvalent Class A common stock and Class B common stock described in this presentation has not commenced. At the time the tender offer is commenced, GSK plc, GSK LLC and Harmony Row Acquisition Co. will file, or will cause to be filed, a Schedule TO Tender Offer Statement with the SEC, and, thereafter, Nuvalent will file a Schedule 14D-9 Solicitation/Recommendation Statement with the SEC, in each case with respect to the tender offer. The Schedule TO Tender Offer Statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the Schedule 14D-9 Solicitation/Recommendation Statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials (once they become available) will be made available to Nuvalent stockholders at no expense to them by the information agent for the tender offer, which will be announced. In addition, those materials and all other documents filed by or caused to be filed by Nuvalent or GSK plc with the SEC will be available at no charge on the SEC's website at www.sec.gov. In addition to the Schedule 14D-9 Solicitation/Recommendation Statement and Schedule TO Offer Statement (once each becomes available), Nuvalent and GSK plc file or furnish, as applicable, annual, quarterly and current reports and other information with the SEC. Nuvalent and GSK plc filings with the SEC are available to the public from commercial document-retrieval services and at the SEC's website at www.sec.gov. 3

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![](g142612exa5ap4g1.jpg)

Cautionary statement regarding forward-looking statements This presentation may contain forward-looking statements. Forward-looking statements give the Group's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulations, UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the US Securities and Exchange Commission (SEC). All investors, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number of important factors, including those in this presentation, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under 'Risk factors' in the Group's Annual Report on Form 20-F for the full year (FY) 2025. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this presentation. A number of adjusted measures are used to report the performance of our business, which are non-IFRS measures. These measures are defined and reconciliations to the nearest IFRS measure are available in the Group's Q1 2026 Results and the Group's Annual Report on Form 20-F for FY 2025. All expectations, guidance and outlooks regarding future performance and the dividend should be read together with the section "Guidance and outlooks, assumptions and cautionary statements on pages 44 and 45 of our stock exchange announcement of the Group's Q1 2026 Results and the statements on page 328 of the Group's Annual Report for FY 2025. 4

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Key focus areas to drive value Deliver Accelerate Simplify how Growth R&D we work Maximise launch of next wave Focus on bringing late-stage Reduce complexity, focus resources products, ensure success in pipeline to patients faster and on what matters most and embrace operational execution executing BD AI/tech to drive agility 5

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Strategic rationale ALK ROS1 Financials Nuvalent acquisition will drive growth and accelerate R&D • Clinically validated precision oncology assets to strengthen and complement our oncology portfolio • Two lead assets which address significant lung cancer markets with large unmet medical need (ALK+ & ROS1+ NSCLC) • FDA Breakthrough Therapy & Orphan Drug Designations received for both assets Deal Accretive to Transaction consideration EPS in expected to close • Multi blockbuster potential with $10.6bn 2029 Q3 2026 approvals in 2026 Assets under FDA review. The transaction is subject to regulatory clearance. ALK: Anaplastic lymphoma kinase; ROS1: ROS proto-oncogene 1; NSCLC: Non small cell lung cancer 6

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![](g142612exa5ap7g1.jpg)

Strategic rationale ALK ROS1 Financials Nuvalent meets critical strategic objectives Deliver Growth Accelerate R&D ✓✓ Accelerate Oncology Validated target Potential best-in-class ALK- & Anchor GSK position in lung ROS1-selective, TRK-sparing cancer with well-defined inhibitors, addressing limitations population and targeted of existing therapies for ALK+ & commercial approach ROS1+ NSCLC ✓ Invest for Growth Efficacy/tolerability gap ✓ Resistance mutations, CNS Accretive to sales and metastasis, treatment- operating profit in 2027, related adverse effects, to EPS in 2029 duration of treatment The transaction is subject to regulatory clearance. ALK: Anaplastic lymphoma kinase; ROS1: ROS proto-oncogene 1; TRK: Tropomyosin receptor kinase; NSCLC: Non small cell lung cancer; CNS: Central nervous system 7

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Strategic rationale ALK ROS1 Financials Nuvalent is an extension of proven BD strategy "Multiple assets in one deal" Therapy area Company Asset Validated Efficacy or target tolerability gap Oncology momelotinib ✓ ✓ Respiratory camlipixant ✓✓ Respiratory LA-TSLP ✓ ✓ Oncology velzatinib ✓ ✓ ✓ ✓ Immunology efimosfermin ✓ ✓ Immunology ozureprubart Respiratory HS235✓✓ neldalkib & ✓ ✓ Oncology zidesamtinib BD strategy: Validated targets in established market with clear unmet need, despite existing approved products LA-TSLP: long-acting thymic stromal lymphopoietin 8

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![](g142612exa5ap9g1.jpg)

Strategic rationale ALK ROS1 Financials Nuvalent: precision medicine for NSCLC Rare opportunity for a highly de-risked, precision oncology franchise NSCLC prevalence of driver mutations ALK+ and ROS1+ NSCLC patients • Typically younger (40-50 years), non-smokers, otherwise healthy EGFRm 17% KRASm 4% • High CNS metastases ~30-50% 25% ALK+ • Most patients remain on ALK TKIs, ROS1+ 2% progression-free, for years HER2 Other 2%• Biomarker defined population: one of the most engaged lung cancer communities actively Unknown shaping treatment adoptions Gainor et al., Cancers (2022); CNS metastases data; Allen et al., Oncotarget (2021), Griesinger et al., Oncotarget (2018); NSCLC: Non small cell lung cancer; KRASm: Kirsten rat sarcoma mutant; EGFRm: Epidermal growth factor receptor mutant; ALK: Anaplastic lymphoma kinase; ROS1: ROS proto-oncogene 1; HER2: Human epidermal growth factor 9 receptor 2; SoC: Standard of care; CNS: Central nervous system; TKI: Tyrosine kinase inhibitor SoC: Chemo +/- IO

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Strategic rationale ALK ROS1 Financials Accelerate GSK lung cancer ambition and maximise Nuvalent value through geographic expansion Building lung cancer portfolio GSK global presence 2L+ ALK+ HER2+ 2L+ ROS1+ 1L ALK+ 1L ROS1+ 2026 2027 2028 and beyond Ris-rez (B7-H3) SCLC Ris-rez (B7-H3) NSCLC 25% 2025 52% sales US Europe 23% International 2L: Second line; ALK: Anaplastic lymphoma kinase; ROS1: ROS proto-oncogene 1; HER2: Human epidermal growth factor receptor 2; 1L: First line; Ris-rez: risvutatug rezetecan (GSK5764227) a novel investigational B7-H3-targeted 10 antibody drug conjugate; SCLC: Small cell lung cancer; NSCLC: Non small cell lung cancer

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Strategic rationale ALK ROS1 Financials ALK+ NSCLC: Moving towards chronic therapy that preserves quality of life Crizotinib 1st gen: 2011+ 10.9 m · PROFILE 1014 34.8 m Alectinib · ALEX 2nd gen: 2015+ Brigatinib · ALTA-1L 24 m Ceritinib · ASCEND-4 16.6 m Lorlatinib · CROWN (7-yr) PFS at 7y 55% 3rd gen: 2018+ Neladalkib · ALKAZAR (1L ongoing) 4th gen 72 0 12 24 36 48 60 84 Median progression-free survival (months) Brigatinib; ALTA-1L J Thoracic Oncology Camidge 13(10), S381; ceritinib ASCEND4 Soria Lancet 389 (10072), 917; crizotinib PROFILE 1014 Solomon, NEJM 371(23), 2167; alectinib ALEX: Mok Annals of Oncology, 31(8), 1056; loratinib: CROWN Mok: https://doi.org/10.1016/j.annonc.2026.05.692 neladalkib: Popat ASCO25 poster 136b Neladalkib ALKAZAR IL trial ongoing - anticipated PFS ALK: Anaplastic lymphoma kinase; NSCLC: Non small cell lung cancer; PFS: Progression free survival; 1L: First line 11

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Strategic rationale ALK ROS1 Financials ALK+ NSCLC: treatment choices driven by efficacy and tolerability ALK+ NSCLC Lorlatinib US market share • Approved 2018 • CROWN (5 and 7yr) PFS update; activity in pts with CNS metastases 11% Other • Tolerability profile: cognitive effects, 28% 10% oedema, weight gain, metabolic and 4% Crizotinib quality of life issues 45% 21% Alectinib Alectinib • 1L use supported by tolerability profile 47% Lorlatinib 35% >$3bn 2025 sales generated by current marketed ALK TKIs st nd 1 Line 2 Line 3,600 2,800 No of eligible US patients (2026) Market share estimates generated from various data sources including GSK Survey data, Forian, Flatiron, CancerMpact and Ipsos ALK: Anaplastic lymphoma kinase; NSCLC: Non small cell lung cancer; PFS: Progression free survival; CNS: Central nervous system; 1L: First line; TKI: Tyrosine kinase inhibitor 12

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Strategic rationale ALK ROS1 Financials Neladalkib is designed for superior efficacy and tolerability needed for chronic therapy st nd rd th 1 2 3 4 Gen Gen Gen Gen Profile impact Crizotinib Alectinib Lorlatinib Neladalkib\* ALK potency + +++ ++++ ++++ CNS penetrance - ++ +++ +++ Efficacy Activity against single ALK mutationsOOPP Activity against compound ALK mutationsOOOP # Tolerability Trk-sparingOPOP \*Comparisons to approved therapies are based on cross trial observations Source: lorlatinib phase III CROWN 2020 NEJM, neladalkib ALKOVE-1 # CrizotinibTrk-activity does not result in crizotinib-associated CNS AEs because it is not CNS penetrant 13 ALK: Anaplastic lymphoma kinase; CNS: Central nervous system; TRK: Tropomyosin receptor kinase

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Strategic rationale ALK ROS1 Financials Neladalkib: ALK inhibitor with potential BIC efficacy and tolerability Highly selective for ALK mutations with CNS activity 1 CNS penetrance Broad Mutation Coverage without TRK engagement 2 Selective ALK inhibition over TRK Equipotent TKI Naïve: 82% 78% CNS TRKB sparing expected to improve cognitive, 4 response Post-TKI: 53% 63% psychiatric, sleep and metabolic effects 1. Wistar Han rats 10mg/kg, single dose PO, 1hr timepoint, 2:. Nuvalent Corporate Presentation February 26, 2026, 3: ALKOVE-1 read-out, N=47 (Any prior ALK TKI ± chemo), includes 1uPR; 4. lorla data: Shaw, NEJM 2020;383:2018-2029; nela/NVL655 Nuvalent investor communication; 17 Nov 25 ALK: Anaplastic lymphoma kinase; BIC: Best-in-class; CNS: Central nervous system; TRK: Tropomyosin receptor kinase; TKI: Tyrosine kinase inhibitor 14

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Strategic rationale ALK ROS1 Financials Neladalkib: duration of response and PFS benefit indicate BIC profile 2L+ setting 1L setting 2L+ post 2G TKI TKI-naïve setting Greater DoR and PFS\* Comparable ORR data with promising DoR\* Lorlatinib Neladalkib Lorlatinib Neladalkib Alectinib Ph2 Ph1-2 ALKOVE-1 Ph3 ALEX Ph3 CROWN Ph1-2 ALKOVE-1 Population Post 2G TKI, N=139 Post 2G TKI (lorla naïve), N=63 Population TKI-naïve, N=126 TKI-naïve, N=149 TKI-naïve, N=44 ORR 40% 46% ORR 83% 76% 86% NR mDoR 9.6m (60% DoR≥18m) CR 4% 3% 9% IC-ORR 56% 63% DoR 43m 70% DoR >12m 91% DoR≥12m IC-DoR 12.4m 92% DoR ≥18m IC-ORR 82% 78% 81% mPFS 6.6m 14.5m (4.8, NE) PDUFA 27 November (priority review) 1L Ph3 study vs alectinib ongoing (ALKAZAR) TKI- Pretreated \*Comparisons to approved therapies are based on cross trial observations Sources: Lorlatinib P2; ALKOVE-1 ASCO 2026; Alectinib Ph3 ALEX; Alectinib mDoR ; Lorlatinib Ph3 CROWN. PFS: Progression free survival; BIC: Best-in-class; 2L: Second line; 2G: Second generation; TKI: Tyrosine kinase inhibitor; DoR: Duration of response; ORR: Overall response rate; IC: Intra-cranial; NR: Not reached; NE: Not evaluable; PDUFA: Prescription drug user fee act; 1L: First line; CR: Complete response 15

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Strategic rationale ALK ROS1 Financials Neladalkib: TRK sparing avoids long-term metabolic and neurological adverse events nd rd th 2 3 4 Gen Gen Gen Physician feedback Alectinib Lorlatinib Neladalkib\* % of pt with Dose reduction 19% 21% 17% "Neladalkib lower rates consistent dose with manageable tolerability profile" Discontinuation 11% 7% 5% modifications Weight gain \*10% 38% Cognitive effects 21% "Lorlatinib requires active monitoring and management particularly for Peripheral mood effects with caregiver 34% All grade implications" neuropathy TEAE Vision disorder 1% 18% Oedema 17% 55% 18% "Neladalkib - largely asymptomatic & manageable - routinely monitored by ALK ALT/AST increase 15% / 14% 17% / 14% 47% / 44% TKI prescribers \*Comparisons to approved therapies are based on cross trial observations Sources: Alectinib: Peters et al., NEJM (2017), Lorlatinib: Shaw et al., NEJM (2020), Neladalkib 1L/2L+: ASCO 2026 Oral Presentation and Nuvalent Corporate Presentation (Apr, 2026); 16 ALT: Alanine aminotransferase AST: Aspartate aminotransferase, Gen: generation, pt: patient, TEAE: treatment Emergent Adverse Event\*ALEX 5-yr update reports 10% weight gain. ALK: Anaplastic lymphoma kinase; TKI: Tyrosine kinase inhibitor; TRK: Tropomyosin receptor kinase.

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![](g142612exa5ap17g1.jpg)

Strategic rationale ALK ROS1 Financials Neladalkib: 2026 2L launch with 1L ALKAZAR study rapidly recruiting Ongoing clinical development programme ALK+ NSCLC: 253 TKI pre-treated patients • Oral presentation at ASCO 2026 • ORR 31%; mDoR not reached at 11.3m f/up¹ • Durability 64% at 12m, 53% at 18m¹ • Post 2G ALK inh ORR 46%² >1500 patients treated to Pre-treated ALK+ NSCLC • Orphan Drug Designation, Breakthrough Therapy date with neladalkib Designation across clinical studies and • PDUFA 27 Nov 2026 early access programme ALK+ solid tumours • Study ongoing • Preliminary data presented at ESMO 2025 Phase III TKI naïve ALK+ NSCLC • Study start July 2025 • Neladalkib vs alectinib (1L SoC) • Global, randomized 1:1 controlled trial • N=450 ALKOVE: NCT05384626: ALKAZAR: NCT 06765109. ALKOVE-1 ASCO 2026, ALKOVE-1 in ALK+ solid tumors : ESMO 2025, ALKAZAR Trial in Progress ASCO 2025 ¹Any prior ALK TKI, ²Lorlatinib-naïve 2L: Second line; 1L: First line; ALK: Anaplastic lymphoma kinase; NSCLC: Non small cell lung cancer; TKI: Tyrosine kinase inhibitor; ASCO: American Society of Clinical Oncology annual meeting; ORR: Overall response rate; mDoR: 17 Median duration of response; f/up: follow up; 2G: Second generation; PDUFA: Prescription drug user fee act; ESMO: European Society For Medical Oncology congress; TKI: Tyrosine kinase inhibitor; SoC: Standard of care

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![](g142612exa5ap18g1.jpg)

Strategic rationale ALK ROS1 Financials Zidesamtinib: Significantly longer PFS outcomes to transform ROS1+ NSCLC anticipated Repotrectinib: launched 2023 • Market leader Crizotinib 1st gen: 2016+ 19.3 m · PROFILE 1001 • TRK-driven AEs (neurologic, metabolic) • Require dose reductions / discontinuation 2nd gen: 2019+ Entrectinib ~16.8 m · STARTRK-2 Taletrectinib: launched 2025 • Increased GI side effects (diarrhea, nausea, vomiting); dizziness Repotrectinib · TRIDENT-1 35.7 m rd 3 gen: 2023+ 46.1 m Taletrectinib · TRUST-I/TRUST-II Zidesamtinib • >900 patients treated to date across clinical studies and early access programme th 4 gen Zidesamtinib · ARROS-1 (1L ongoing) ROS1+ segment expected to grow due to 0 12 24 36 48 significantly longer duration of therapy and Median progression-free survival (months) better tolerability Source: PROFILE 1001, STARTRK-2, TRIDENT-1, TRUST-I + TRUST-II/TRUST-II Zidesamtinib ARROS-1 1L trial ongoing 18 PFS: Progression free survival; ROS1: ROS proto-oncogene 1; NSCLC: Non small cell lung cancer; 1L: First line; TRK: Tropomyosin receptor kinase; AE: Adverse event; GI: Gastrointestinal

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![](g142612exa5ap19g1.jpg)

Strategic rationale ALK ROS1 Financials Zidesamtinib: potential BIC profile for ROS1+ NSCLC Avoiding TRK Inhibition with improved target selectivity Selectivity for ROS1 and ROS1 G2032R over TRK Zidesamtinib potential differentiation • Maintains potency and CNS penetrance with expanded mutation coverage • Better tolerated vs existing therapies Nuvalent Corporate Presentation February 26, 2026 BIC: Best-in-class; ROS1: ROS proto-oncogene 1; NSCLC: Non small cell lung cancer; TRK: Tropomyosin receptor kinase; CNS: Central nervous system 19

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![](g142612exa5ap20g1.jpg)

Strategic rationale ALK ROS1 Financials Zidesamtinib: potential improved durability in TKI-naïve and post-TKI 2L setting 1L setting 2L post TKI TKI-naïve setting Improved mDoR and mPFS; efficacy post next-gen TKIs\* Improved duration of response (DoR)\* Taletrectinib Zidesamtinib Repotrectinib Repotrectinib Taletrectinib Zidesamtinib TRUST-I/II Ph1-2 ARROS-1 TRIDENT-1 TRIDENT-1 TRUST-I/II Ph1-2 ARROS-1 N=56 N=113 N=55 2L: prior crizotinib 2L: prior crizotinib 2L: prior crizotinib Population TKI-naïve, N=71 TKI-naïve, N=160 TKI-naïve, N=35 Population or entrectinib or entrectinib or entrectinib ORR 79% 89% 89% ORR 38% 56% 51% CR 10% 5% 9% mDoR 14.8m 16.6m 22.0m [22, NE]\* DoR 70% DoR >12m 74% DoR >12m 96% DoR≥12m 2L: Not reported IC-ORR 38% 66% 2L+ (1-4 prior): 48% IC-ORR 89% 77% 83% mPFS 9.0m 9.7m 23.8 [23.8, NE]\* mPFS 35.7m 45.6m NE PDUFA 18 Sep 2026 sNDA submission H2 2026 TKI-Pretreated \*Comparisons to approved therapies are based on cross trial observations Repotrectinib TRIDENT-1; Taletrectinib TRUST-I/II; Zidesamtinib ARROS-1; ORR and IC-ORR by BICR TKI: Tyrosine kinase inhibitor; 2L: Second line; DoR: Duration of response; mPFS: Median progression free survival; ORR: Overall response rate; IC: Intracranial; NE: Not evaluable; 1L: First line; CR: Complete response; sNDA: supplemental new drug application; PDUFA: Prescription drug user fee act 20

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![](g142612exa5ap21g1.jpg)

Strategic rationale ALK ROS1 Financials Zidesamtinib: ongoing clinical development programme TKI pre-treated advanced ROS 1+ NSCLC • Prior crizotinib or entrectinib: n=55, ORR 51%, mDoR 22m, mPFS 23.8m • Prior repotrectinib: n=46; ORR 41%; mDoR 15.7m • Prior taletrectinib n=19; ORR 47% mDoR NR TKI pre-treated ROS1+ NSCLC • Orphan Drug Designation, Breakthrough Therapy Designation • PDUFA 18 Sept 2026 TKI naiive advanced ROS1+ NSCLC • Trial ongoing – data presented N=35, 89% ORR, • 96% DoR >12m • Filing 2H26 Other advanced ROS1+ tumours • Study ongoing ARROS-1: NCT05118789; ARROS-1 with prior repotrectinib or talectrectinib: AACR 2026, ARROS-1 pivotal data WCLC 2025, ARROS-1 in other ROS1+ solid tumours ESMO 2024 TKI: Tyrosine kinase inhibitor; ROS1: ROS proto-oncogene 1; NSCLC: Non small cell lung cancer; ORR: Overall response rate; mDoR: Median duration of response; mPFS: Median progression free survival; NR: Not reached; PDUFA: Prescription drug user fee act 21

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![](g142612exa5ap22g1.jpg)

Strategic rationele ALK ROS1 Financials Financial Highlights • Purchase price of $124/share, representing a 40% premium to last closing price and 26% premium to 2 30 day VWAP 1 • Aggregate consideration of $10.6bn/ (£8.0bn) Transaction details 1 • Net of cash acquired, GSK aggregate investment is $9.4bn (£7.1bn) • Transaction expected to close in Q3 2026 pending regulatory approval • Supports revenue growth 2027 onwards; incremental to the >£40bn sales by 2031 • Strengthens revenue, core operating profit and margin through DTG LOE (2028-30) • Accretive to core operating profit in 2027 and core EPS in 2029 inclusive of synergies and reprioritisation Financial impact 3 4 • 2026 -2028 low single digit percentage dilution to core EPS 3 • No change to 2026 guidance ranges for core operating profit and core EPS growth of 7-9% • Transaction aligned with existing 'invest for growth' priorities and BD strategy Capital allocation • Retain strong investment grade Balance sheet with no impact on credit rating expected priorities remain • Remain committed to 70p dividend for 2026 and progressive dividend policy beyond unchanged • To be funded from existing and new debt facilities and existing cash resources 1. Closing Spot rate as at 8 June 2026 of $1.33/£2. VWAP as at 8 June 2026 3. Assuming completion in Q326 4. Inclusive of synergies and reprioritisation DTG LOE: Dolutegravir loss of exclusivity 22

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![](g142612exa5ap23g1.jpg)

Strategic rationale ALK ROS1 Financials Nuvalent meets critical strategic objectives Deliver Growth Accelerate R&D ✓✓ Accelerate Oncology Validated target Potential best-in-class ALK- & Anchor GSK position in lung ROS1-selective, TRK-sparing cancer with well-defined inhibitors, addressing limitations population and targeted of existing therapies for ALK+ & commercial approach ROS1+ NSCLC ✓ Invest for Growth Efficacy/tolerability gap ✓ Resistance mutations, CNS Accretive to sales and metastasis, treatment- operating profit in 2027, related adverse effects, to EPS in 2029 duration of treatment The transaction is subject to regulatory clearances. BIC: Best in class, NSCLC; non small cell lung cancer; CNS Central Nervous System, ALK and ROS1 are oncogenic drivers; EPS: Earnings per share; BTD: Breakthrough therapy designation 23

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![](g142612exa5ap24g1.jpg)

Q&A gsk.com

## Ex-99.(A)(5)(B)

**Exhibit (a)(5)(b)** 

**GSK** 

**Media Call** 

**Tuesday, 9 June 2026** 

**Tim Foley:** Good morning. On the call today we have Luke Miels, our CEO, who will speak to you about the agreement we have just reached, acquiring Nuvalent. Our CFO, Julie Brown is also with us. Luke will make some opening comments and then we will open for your questions.

If you would like to ask a question, please raise your hand by pressing the relevant button on Teams and we will work our way through so that everyone can hopefully ask a question if they wish to do so. When you have finished your question, you just need to lower your hand.

We have about 15 to 20 minutes, and I will keep us to time. With that, I will now hand over to Luke.

**Luke Miels (CEO):** Thanks, Tim. I appreciate everyone joining at relatively short notice. As you can see, today we have announced an agreement to acquire Nashville – sorry, Nuvalent. Sorry, that was the code name for the deal, so I have already given you something for your stories! This is a precision oncology company for an aggregate consideration of £7.1 billion. It is a multi-product deal and this is an important point. It is essentially three products in one transaction, plus we also get some early-stage preclinical assets from a very clever chemistry team. It accelerates existing oncology strategy – specifically our presence in lung cancer – and the two lead products acquired, zidesamtinib and neladalkib, we believe and think have the potential to be best in class, because they are highly selective ROS1 and ALK1 inhibitors, which are employed for the treatment of non-small [cell] lung cancer.

Both products or assets are under review right now with the FDA, with target approvals this year, so it is consistent with our approach with BD to acquire assets with the opportunity to improve the standard of care. Both products offer significant options to patients with non-small cell lung cancer, or subsets of that disease.

These assets have been highly designed to offer increased durability, improve tolerability. They also have enhanced CNS, so brain penetration, which is important in these patients. They have improved mutation coverage, so these are all things that are known to be gaps or liabilities in the current standard of care. This was well demonstrated in the data presented by Nuvalent at ASCO a week ago. We, of course, have access to the full data room, so the full records that the company has with all of its clinical programmes, and so have a high degree of clarity.

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This acquisition also includes a potential best-in-class HER2 inhibitor, but that is in Phase I. That also would potentially be a product with good CNS penetration in lung cancer.

Financially, subject to FDA approvals, the acquisition will deliver revenue growth from 2027, so this is what our investors have been asking, and it will strengthen our operating profit for GSK through the dolutegravir loss of exclusivity period.

In summary, this is the type of deal that we have been doing. The difference is that, instead of a single product in a single company, we have multiple products in a single company. It is a very positive transaction. It is consistent with our strategy, and it enables us to deliver value for patients and shareholders. As I have said, we get three new products out of it, two of which will launch later in this year.

Tim, shall we turn over to Q&A, because I am conscious that we are on rather a short clock.

**Question & Answers** 

**Andrew McConaghie (Scrip):** Thanks for the opportunity for questions. I have a couple of questions. At what point does GSK move from being a series of niches in oncology, to becoming a key player in the field?

Secondly, that clever chemistry team that you mentioned too, at Nuvalent – how will you be able to integrate them into a bigger GSK organisation?

**Luke Miels:** Thanks, Andrew. Our strategy has been a brick-by-brick building approach. What is important to understand with both the ALK and ROS mutations – a typical patient who is diagnosed with ROS or ALK. They are very similar, they tend to be 40-50 years of age, the majority tend to be female. Most are non-smokers, and what we have seen over the past decade is increasing levels of effectiveness of both ALK and ROS inhibitors, so you are seeing very, very long durations of treatment. The main challenge has been the toxicity associated with these drugs.

Again, I have spoken to you, Andrew, in the past. These deals we like, which is a validated target so that the risk is essentially largely discharged on the scientific front, and we are really looking at the clinical finalisation. The file with the FDA is already there, so that part is largely discharged, always subject to regulator approval, of course, but it's then shifting into a commercial execution phase, but it's important. Just under 4,000 of these patients are in first line in the US, but importantly, they are being treated for seven or eight years.

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It is niche at the population level, but when you multiply the population by the duration of treatment, these become very sizeable opportunities and again, if you can get someone to respond to eight years, I want to contrast that – if you look at pembrolizumab without chemotherapy, a typical response might be a year, two years, so these are very, very effective agents. The main challenge, for example, with ALK has been CNS toxicity and metabolic toxicity, so CNS is a lot of disturbance of mood, in rarer cases psychosis, but it has a big impact on the patient and their carers. As I said, these are people who tend to be more middle-aged than older than typical non-small cell lung patients, and also there are metabolic effects. In many cases, these patients put on a lot of weight associated with that CNS effect.

We had clear feedback. We spoke to over 300 physicians to characterise both these opportunities. That's an unusually high number of physicians to explore the profiles of both these products, and we became very convinced that these opportunities are substantial and material.

In terms of integrating, we have a pretty good track record. We know the guys at Nuvalent, they are an impressive group of people, and we have a good track record of integrating and holding on to talent in these companies.

Andrew, a long answer to your two questions, but I think you really hit the core of what we're talking about today.

**Alex Ralph (*The Times*)**: Good morning, everyone. Luke, you mentioned earlier about investors wanting to see you beat revenues towards the end of this decade. I just wondered if you could say a bit more about this. Should we expect more deals like this? It also seems slightly larger than the bracket that you've talked about in the past. Perhaps you could just explain why you've done this now?

**Luke Miels**: Sure, thanks, Alex. It's larger than the bracket because it was unusual. If we can share the IR slides, there's a table on Slide 3 that lists all the deals we've done, and to date we have done deals that are exactly like this, but it tends to be one company, one product. With Nuvalent, it was unusual, because with the ROS1, the ALK and the HER2, plus this stable of pre-clinical molecules which appear to be designed with the same level of creativity and expertise as the late stage assets, it was a deal that we thought, if you take apart the components, it's consistent with our approach so far.

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The other benefits were exactly as you said. We get growth from 2027. These are small molecule oncology products, so typically very low cost of goods, very low commercial footprint. The clinical programme is almost finished, or is very advanced, and so that shifts us to operating profit quickly.

Also, importantly, we have applied a lot of financial discipline, both in the negotiating process, but also in terms of integrating and managing the debt, so we are not just dropping this on the P&L. Julie and I have been working very closely to use intelligent ways to offset the cost of servicing the debt and again, we have capacity, and we have mentioned this in the press release, we retain capacity to do accretive BD in the future if the products enclosed in those targets would have profiles like we are – which, again, is validated targets addressing unmet clinical needs, either on the efficacy front or the toxicity/tolerability point, and of course in an area that we know well.

The other things I wanted to say, Alex, is that the level of experience of the team that has assessed this – this is a cohort of individuals, many of whom who have worked on other small molecules such as Tagrisso. There are many parallels to these opportunities with Tagrisso in terms of a kinase inhibitor, sub-populations and long duration of treatment. Thanks, Alex.

**Ashleigh Furlong (Bloomberg):** You mentioned building the oncology portfolio brick-by-brick. I wonder if that house is built yet, and you are happy with where you are?

I have a question on the financing for the deal. Is there any bridged financing involved, or will it be refinanced with bonds? Thank you so much.

**Luke Miels:** Thanks, Ashleigh. I think Tim has been very clever and seems to be doing you all in alphabetical order right now, with three As in a row!

Actually Julie, three As in a row is a good topic. Shall we talk about debt financing and the impact there first, and then I can come back to the strategy?

**Julie Brown (CFO):** Yes, absolutely. In terms of the financing, we have put a bridge facility in place this morning and we will be financing it through our cash reserves, existing debt and also new debt that we will take over from the bridge. That is basically how we will finance the deal.

**Luke Miels:** We remain active, not just in oncology but also other areas where we have expertise. What we are looking to employ is a strategy that combines a commitment to innovation but also strong discipline in terms of creating value for our shareholders. We remain active at looking but, again, we first need to digest this transaction, so I think it is one step at a time at this point. Thanks, Ashleigh.

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**Aanu Adeoye (*Financial Times*):** Good morning. This deal is GSK's biggest in some time and you have talked about what convinced you to pull the trigger. Could you tell us more on what it is exactly about Nuvalent's assets that convinced you that this was the right deal at the right price? If possible, could you tell us more about the deal came about in terms of the timeline and for how long this has been in the works.

**Luke Miels:** Thanks, Aanu. I have spoken to a number of you about how we like to operate in this company. It is a big company but we want to be as flat a company as possible. This deal really started quite a long time ago when a group of people in our Oncology team and our Business Development team identified Nuvalent – or Nashville as it was known. We have followed this for quite some time, more than a year. That team has very carefully built the arguments such that at ASCO I really became convinced that this was a deal that we needed to do, for a couple of reasons. One, ASCO created an opportunity for us because Pfizer put up some data – called the CROWN data – which showed seven-year PFS with their asset but the toxicity and the challenges with that product became more and more clear.

There was a slide at ASCO which said, 'What price the CROWN?' – we can share that with you – which really said that this product has very good efficacy but a very, very difficult side effect profile to manage. As I have said before, these are relatively young people who have kids and active lives and, in many cases, they can continue to work. Having a disease treatment that is efficacious but impacts your ability to care for children, to maintain a normal life, as well as very aggressive weight gain, we became very, very convinced on this.

The team at Nuvalent are very, very good medicinal chemists and when we looked at the work that they had done, essentially they were seeking to design around the liabilities of the existing products in both ALK and ROS, and when we got to see the full dataset and what they'd done, yes, it was very, very compelling.

I think the other important thing is just the durability and the duration of treatment for these patients. They really respond well, and so you see multi-year treatments. There are very long tails to these products. Even though the population is relatively small, they are treated for much, much longer. You might have a population that's, say, a fifth of the size of some other sub-mutation types, but you have durations of treatment which are four times longer. That became very apparent to us.

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In terms of pricing, we've been very disciplined. We always are, Julie keeps me very honest during these processes. We were very disciplined with the price and we had a frame that we thought value would be created for our shareholders, and we stuck to it.

That's the background there. I can go into the individual assets. If you look at the ROS1, this is typically 1-2% of non-small cell lung cancer patients, typically adenocarcinomas, so the cells on the walls of the lung that produce mucous. The two drugs that are available and used are a step up in efficacy, but they both have, in one case, tyrosinase toxicities, and the other one, gastric toxicities. Again, they are used, but clearly there is a gap for a much better tolerated product which is what we have in zidesamtinib. With ROS1, I have covered the CROWN data, so again, very excited.

**Aimee Donnellan (Reuters):** Thanks very much for your time. I was just wondering just in terms of the goals of GSK because obviously there is the £40 billion by 2031, and from what I can see, from what analysts are expecting, it doesn't look like you're going to hit that. Obviously, this is a new asset, new drugs to be launched. How should we think about how close you can get to that, as in, does this actually get you to that? Do you need to do another deal?

**Luke Miels**: Sure. This is incremental, Aimee, we don't need this deal to achieve the £40 billion target. A gap with analysts is not uncommon. We have massively more amounts of information as you would expect.

I'll give you the most recent example – *Bepirovirsen.* Analysts were modelling a functional cure rate in Hepatitis B of 10-15%, but we have known for a period of time, that we had a materially better profile than that. Our forecasts are different. We also have insight into regulatory discussions, and we are managing a portfolio which has ups and downs.

The key point is the aggregate, and I really stress this to analysts. The key point is the aggregate, and it's not uncommon for there to be a difference in consensus versus a company's external figures. The good news is that, so far, they have been converging with us, we have not been converging with them, but the important thing is that Nuvalent is additive. As I said, we have applied strong discipline here. We are very structured in terms of how we seek to create value for our shareholders. We have offset those costs to protect guidance this year, and we are maintaining the 70p dividend, and we are maintaining the progressive dividend policy from next year and the deal will be accretive in EPS.

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Again, from the perspective of creating value for our shareholders and creating value for patients, we think this deal is a disciplined balance between all of those components, and again, it is the type of deal that we like, it's the profiles and products that we like, and it's one that we have a good track record of integrating, executing and translating to commercial success.

Tim is looking at me, I need to stop talking. Aimee, thank you for your question and I think that's five people in a row with first names starting with 'A'!

**Tim Foley**: It must be a new record. Thank you Luke, thank you Julie, and thank you to everyone on the call for joining quickly this morning. We will follow up with those who were unable to ask a question after the call. Thanks a lot, have a good day.

**Luke Miels**: Thank you.

*[Ends]* 

**Additional information** 

This press announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer or a recommendation to sell securities, nor is it a substitute for the tender offer materials that GSK plc, GlaxoSmithKline LKC ("GSK LKC") and its wholly-owned subsidiary, Harmony Row Acquisition Co. will file with the Securities and Exchange Commission (the "SEC"). The tender offer for the outstanding shares of Nuvalent Class A common stock and Class B common stock described in this press announcement has not commenced. At the time the tender offer is commenced, GSK plc, GSK LKC and Harmony Row Acquisition Co. will file, or will cause to be filed, a Schedule TO Tender Offer Statement with the SEC, and, thereafter, Nuvalent will file a Schedule 14D-9 Solicitation/Recommendation Statement with the SEC, in each case with respect to the tender offer. The Schedule TO Tender Offer Statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the Schedule 14D-9 Solicitation/Recommendation Statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials (once they become available) will be made available to Nuvalent stockholders at no expense to them by the information agent for the tender offer, which will be announced. In addition, those materials and all other documents filed by or caused to be filed by Nuvalent or GSK plc with the SEC will be available at no charge on the SEC's website at www.sec.gov. In addition to the Schedule 14D-9 Solicitation/Recommendation Statement and Schedule TO Offer Statement (once each becomes available), Nuvalent and GSK plc file or furnish, as applicable, annual, quarterly and current reports and other information with the SEC. Nuvalent and GSK plc filings with the SEC are available to the public from commercial document-retrieval services and at the SEC's website at www.sec.gov.

**Cautionary statement regarding forward-looking statements** 

GSK plc cautions investors that any forward-looking statements or projections made by GSK plc, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the "Risk Factors" section in GSK plc's Annual Report on Form 20-F for the year ended December 31, 2025. This communication includes forward-looking statements related to Nuvalent, neladalkib, zidesamtinib and the acquisition of Nuvalent by GSK plc that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of Nuvalent and members of its senior management team and can typically be identified by words such as "believe," "expect," "estimate," "predict," "target," "potential," "likely," "continue," "ongoing," "could," "should," "intend," "may," "might," "plan," "seek," "anticipate," "project" and similar expressions, as well as variations or negatives of these words. Forward-looking statements include, without limitation, statements regarding the merger, similar transactions, prospective performance, future plans, events, expectations, performance, objectives and opportunities and the outlook for Nuvalent's business; the ability of Nuvalent to successfully commercialize its key products, including neladalkib and zidesamtinib; the anticipated timing of clinical data and regulatory filings or approvals relating to products; the possibility of favorable or unfavorable results from clinical trials; the anticipated benefits of the acquisition; filings and approvals relating to the transaction; the expected timing of the completion of the transaction; the parties' ability to complete the transaction; and the accuracy of any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: uncertainties as to the timing of the tender offer and completion of the merger; the possibility that various closing conditions for the transaction may not be satisfied or waived,

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including that Nuvalent stockholders may not tender into the offer a majority of the shares of Class A common stock outstanding at the time of the expiration of the offer or that required regulatory approvals may not be obtained or are obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the failure to realize anticipated benefits of the proposed acquisition when expected or at all; potential adverse reactions or changes to business relationships resulting from the proposed acquisition, including the effect of the announcement, pendency or consummation of the acquisition on the ability of Nuvalent to retain and hire key personnel or maintain key vendor, supplier or partner relationships; risks that the proposed acquisition disrupts the current plans and operations of Nuvalent; transaction costs; risks associated with potential litigation or regulatory actions related to the transaction; and other risks and uncertainties described from time to time in documents filed with the SEC by Nuvalent, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, as well as the Schedule 14D-9 to be filed by Nuvalent, or in GSK plc's Annual Report on Form 20-F for the year ended December 31, 2025 filed with the SEC by GSK plc, as well as the Schedule TO to be filed by GSK plc. All forward-looking statements are based on information currently available to GSK plc and Nuvalent, and neither GSK plc nor Nuvalent assumes any obligation to update any forward-looking statements.

## Ex-99.(A)(5)(C)

**Exhibit (a)(5)(c)**![LOGO](g142612g38g38.jpg)

GSK #News for #investors and #media: We have entered an agreement to acquire clinical-stage precision oncolgy company Nuvalent, Inc., bringing in multiple lung cancer assets to our existing oncolgy portfolio. Find out more: gsk.to/4ooHOjy Oncology news

## Ex-99.(A)(5)(D)

**Exhibit (a)(5)(d)**![LOGO](g142612g39g39.jpg)

#News for #investors and #media: We have entered an agreement to acquire clinical-stage precision oncology company Nuvalent, Inc., bringing in multiple lung cancer assets to our existing oncology portfolio. Find out more: https://gsk.to/4xe4hDO Oncology news

## Ex-99.(A)(5)(E)

**Exhibit (a)(5)(e)**![LOGO](g142612g40g40.jpg)

GSK @gsk.bsky.social Wr've announced an agreement to acquire Nuvalent, Inc. Find out more: gsk.to/4vC0wGv Oncology news

## Ex-99.(A)(5)(F)

**Exhibit (a)(5)(f)**![LOGO](g142612g41g41.jpg)

Tony Wood Chief Scientific Officer, R&D GSK #News for #investors and #media Today we've announced an agreement to acquire Nuvalent, Inc., a clinical-stage precision oncology company, adding multiple innovative, clinically validated lung cancer candidates to our existing protfolio. Cancer remains one of the most significant and complex health challenges we face. The need for innovation to not deliver next-generation treatments but also improve patients' quality of life has never been greater. That's why I'm thrilled about this acquisition, which is fully aligned to our approach of delivering innvoative options based on validated science and umet need. This is a pivotal moment as we look

## Ex-99.(A)(5)(G)

**Exhibit (a)(5)(g)**![LOGO](g142612g42g42.jpg)

Very exciting news today as we've announced an agreement to acquire Nuvalent, Inc., a clinical-stage precision oncology company. This strategic move significantly expands our oncology pipeline, bringing in a portfolio, bringing in a portfolio of targeted lung cancer candidates. Non-small cell lung cancer remainds a major challenge, often impacting working aged patients, and there is real need for innovative new therapies. This is a pivotal moment for GSK as we build our leadership in oncology lung cancer, while also strengthening our near and long-term growth outlookk.