The acquisition marks a significant move for the U.K.-based pharmaceutical giant as it looks to bolster its clinical-stage pipeline. GSK has set the purchase price at $124 per share, a substantial jump from the $88.49 valuation recorded at the close of markets on Monday.

With both boards signaling their support for the transaction, the companies expect to finalize the deal during the third quarter. Shares of Nuvalent recently traded at $122.51, reflecting the market's strong confidence in the successful completion of the acquisition.