GSK Turns to Food Allergy Therapies in $2.2B Rapt Acquisition

GSK has agreed to acquire US biotech Rapt Therapeutics in a deal valuing the company at $2.2 billion, marking the first major transaction under new chief executive Luke Miels. The all-cash offer prices Rapt at $58 per share, almost double its previous closing price.

Founded to develop treatments for inflammatory and immunologic diseases, Rapt’s core asset is ozureprubart, a long-acting therapy designed to protect against food allergies in both adults and children.

The drug is currently in phase II clinical trials and is positioned as a less frequent alternative to existing therapies. GSK has set a provisional launch target of 2031 and considers the programme a potential blockbuster as it works towards a £40 billion revenue ambition by the end of the decade.

The transaction gives GSK global rights to ozureprubart, excluding mainland China, Macau, Taiwan and Hong Kong. Strategically, the acquisition strengthens GSK’s focus on inflammation, immunology and long-acting medicines, and aligns closely with its respiratory portfolio.

The deal comes amid a period of active portfolio reshaping at GSK. The company has recently secured regulatory approval for several late-stage assets, including an asthma drug with peak sales potential of £3 billion, and reported positive trial results for a hepatitis B treatment analysts expect could generate up to $2 billion annually.

GSK has also pursued external growth through licensing and acquisitions, including last year’s agreement with Boston Pharmaceuticals for a liver drug and a broader development partnership with China’s Hengrui PharmaDealroom has a profile for this one. Try Dealroom →.

While shares in GSK dipped slightly following the announcement, the acquisition underlines the company’s intent to use targeted “bolt-on” deals to reinforce its pipeline and address longer-term growth challenges as competition intensifies and key patents near expiry.

Sources:
RAPT Therapeutics
GSK
Fierce Biotech
Reuters
The Financial Times
BioPharma Dive
Contract Pharma

J.V.