New Delhi, June 9 -- Shares of Nuvalent soared 39% in Tuesday's trade on 9 June, hitting a fresh record high of $123 on the Nasdaq after GlaxoSmithKline (GSK) announced it had agreed to acquire the cancer drug developer for $10.6 billion.

The deal gives the British pharmaceutical giant a stronger foothold in precision oncology as it works to rebuild its cancer drug portfolio.

GSK is making a tender offer for Nuvalent at $124 per share in cash, representing a 40% premium to the Cambridge, Massachusetts-based company's closing share price on Monday.

The acquisition marks a significant expansion of GSK's oncology portfolio, which has been gradually growing since the drugmaker re-entered the cancer treatment space in 2019. It is also the f...