GSK plc to acquire BIOG portfolio company, Nuvalent, Inc.

9 June 2026

THE BIOTECH GROWTH TRUST PLC

("BIOG" or the "Company")

GSK plc to acquire BIOG portfolio company, Nuvalent, Inc.

The Company notes the announcement on Tuesday, 9 June 2026 that GSK plc has entered into an agreement to acquire BIOG portfolio company, Nuvalent, Inc. ("Nuvalent") for $10.6 billion, or $124 per share, in cash, representing a 40% premium to Nuvalent's closing price on Monday, 8 June 2026.

Nuvalent is a US-based biopharmaceutical company focused on developing targeted therapies for the treatment of cancer.   Its two lead drugs are both under review for marketing approval and are expected to be available to treat non-small cell lung cancer patients that have specific mutations later this year.

The Company's holdings in Nuvalent represented 1.5% of the Company's net asset value ("NAV") at the time of the announcement.   The transaction will be reflected in the Company's NAV as at close of business on Tuesday, 9 June 2026, which will be announced on Wednesday, 10 June 2026.

This follows recent acquisitions of portfolio companies Avidity Biosciences, Cidara Therapeutics, Amicus Therapeutics, Apellis Pharmaceuticals, KalVista Pharmaceuticals and Esperion Therapeutics.

To sign up for BIOG updates by email, please click here .

Enquiries:

SEC Newgate (George Esmond)

Public Relations

020 3757 6894

Frostrow Capital LLP

Company Secretary

020 3709 8734

---

---