(Jan 20): GSK plc agreed to buy Rapt Therapeutics, a US-based biotech developing treatments for patients with inflammatory and immunologic diseases, in a deal valued at US$2.2 billion.
The UK drug company will pay US$58 a share, equivalent to an equity value of US$2.2 billion, according to a statement on Tuesday. The price represents a premium of 65% compared with Rapt Therapeutics’ closing price of US$35.10 on Monday.
The acquisition includes ozureprubart, a potential prophylactic protection against food allergens that would require less frequent dosing than the current standard of care. GSK said the deal will give it the global rights to the ozureprubart programme, excluding Greater China.
Shares of GSK fell slightly in early trading in London. The drugmaker’s stock rose about 36% in 2025. California-based Rapt Therapeutics shares surged as much as 65% to US$57.75 in premarket trading on Tuesday. The stock rose about 168% in 2025.
Chief executive officer Luke Miels took charge of GSK at the start of the year. He will need to prove to investors that the company’s pipeline of new medicines will be sufficient to meet revenue ambitions for the end of the decade and offset patent expiries for a top-selling HIV drug.
Under previous CEO Emma Walmsley, GSK demerged its consumer health division Haleon and boosted its drug pipeline with several key acquisitions. Still, investors have been underwhelmed by the drugmaker’s upcoming experimental medicines. GSK is also facing pressure on its vaccines business, where sales have been lower than anticipated. In the US, Health Secretary Robert F Kennedy Jr has pushed vaccine sceptical views, influencing important recommendations around routine immunisations.
GSK is focused now on doubling down on two key parts of the business — its oncology medicines and innovative immunology and inflammatory drugs. In 2024, GSK bought Aiolos Bio, which was developing an asthma drug.
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Current treatments for food allergy involves injections every two to four weeks, which can be hard, particularly for children. Ozureprubart allows for dosing at 12-week intervals. If approved, ozureprubart would rival Xolair, a drug developed by Genentech and Novartis AG.
In the US, more than 17 million people are diagnosed with food allergies, with more than 1.3 million suffering severe reaction, GSK said.
Rapt Therapeutics is also testing the drug in chronic spontaneous urticaria — a condition when patients have hives that can persist for a long period of time.
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Separately on Tuesday, GSK said it maintains its majority control of ViiV Healthcare, an HIV drug maker, following moves by its joint venture partners to change their shareholdings. Japanese drug maker Shionogi & Co is investing US$2.1 billion to raise its stake in ViiV while Pfizer Inc is exiting the venture.
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