GSK agreed to acquire Nuvalent for $10.6 billion, buying two experimental lung cancer therapies that are under FDA review with decision timelines later this year. The deal underscores how Big Pharma is using large M&A to secure late-stage oncology assets as pipeline gaps tighten across the sector. For Nuvalent, the acquisition provides a path to monetize near-regulatory programs rather than continuing as an independent company. Separately, the broader oncology deal flow highlights intensified competition for assets positioned for rapid commercial traction in lung cancer—an area where investors have been underwriting durability, differentiating mechanisms, and registrational-readiness. Key takeaway: GSK is betting that Nuvalent’s near-approval window can translate into two registration-grade opportunities in a high-value therapeutic area.