TLDR
- GSK acquired Rapt Therapeutics for $58 per share in cash, totaling $2.2 billion in equity value
- Leerink Partners downgraded RAPT from Outperform to Market Perform with a $58 price target following the acquisition announcement
- The deal gives GSK access to ozureprubart, an anti-IgE antibody in phase 2b development for food allergy protection
- Ozureprubart offers 12-week dosing versus current bi-weekly injections for food allergy treatments
- The transaction is expected to close in Q1 2026 with GSK’s net cash commitment at $1.9 billion
GSK agreed to buy Rapt Therapeutics for $58 per share in an all-cash transaction valued at $2.2 billion. The British pharmaceutical giant will acquire the clinical-stage biotech through its subsidiary Redrose Acquisition.
The stock jumped 65.76% in the past week following the announcement. Shares now trade at $57.57, just pennies below the 52-week high of $57.61.
The acquisition price represents a premium to Rapt’s previous market cap of $1.6 billion. With net cash acquired, GSK’s total upfront commitment stands at $1.9 billion.
#News for #investors and #media: We’ve announced an agreement to acquire RAPT Therapeutics.
Find out more: https://t.co/PJrO4J2H3D pic.twitter.com/qG1HTM2o3B— GSK (@GSK) January 20, 2026
Leerink Partners responded by downgrading RAPT from Outperform to Market Perform. The firm set a price target of $58, down from $60.
The transaction will proceed through a two-step process. GSK will first initiate a cash tender offer for all outstanding shares. After completion, the company will purchase remaining shares through a second-step merger at the same price.
Ozureprubart Takes Center Stage
The deal centers on ozureprubart, an anti-immunoglobulin E monoclonal antibody. The drug candidate is currently in phase 2b clinical development for prophylactic protection against food allergens.
Phase 2b results are expected in 2027. GSK plans to launch a late-stage trial for both at-risk adults and children.
The antibody offers a 12-week dosing schedule. Current food allergy treatments require bi-weekly injections. GSK Chief Scientific Officer Tony Wood called ozureprubart a “promising new, potential best-in-class treatment.”
Leerink analysts noted GSK has no ongoing clinical trials in food allergy and urticaria. These are the current lead indications for ozureprubart. The analyst firm sees minimal direct indication overlap and low regulatory risk for deal closure.
Deal Terms and Timeline
GSK will gain global rights to ozureprubart. The rights exclude mainland China, Macau, Taiwan, and Hong Kong.
The pharmaceutical company will also assume responsibility for future milestone and royalty payments to Rapt’s partner, Shanghai Jeyou Pharmaceutical. Rapt Therapeutics President and CEO Brian Wong stated the transaction provides access to GSK’s global development and commercialization capabilities.
The acquisition complements GSK’s respiratory and inflammation pipeline. The company currently lacks clinical-stage anti-IgE antibodies in these areas.
The transaction is expected to close in the first quarter of 2026, pending standard closing conditions.
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