GSK Targets Food Allergy Market with $2.2 Billion Acquisition of RAPT Therapeutics

2026-01-21 companies

Naarden, Tuesday, 20 January 2026.
GSK’s $2.2 billion acquisition secures a potential best-in-class food allergy treatment offering unique quarterly dosing, strategically bolstering its pipeline against looming patent expirations.

Deal Mechanics and Financial Impact

On Tuesday, January 20, 2026, GSK announced a definitive agreement to acquire California-based biopharmaceutical company RAPT Therapeutics [2][4]. The all-cash transaction values RAPT at $58.00 per share, representing a premium of approximately 65.242 percent over the stock’s closing price of $35.10 prior to the announcement [2][4]. The total equity value of the deal stands at roughly $2.2 billion, or $1.9 billion net of cash acquired [2]. Following the news, RAPT shares surged in pre-market trading, aligning closely with the acquisition price [5][8]. The transaction is expected to close in the first quarter of 2026, subject to customary conditions, including the tender of at least a majority of outstanding RAPT shares [2]. This exit also marks a significant return for venture capital firm Forbion, which held a position in RAPT through its Forbion Growth Fund III [1].

Strategic Asset: Ozureprubart

The centerpiece of this acquisition is ozureprubart, a novel anti-immunoglobulin E (IgE) monoclonal antibody currently in Phase 2b clinical development for the treatment of food allergies [2][3]. GSK has identified ozureprubart as a potential “best-in-class” therapy due to its distinct dosing regimen [2]. While existing treatments, such as Roche’s Xolair (omalizumab), typically require administration every two to four weeks, ozureprubart is designed to be administered just once every 12 weeks [2][3]. This extended dosing interval aims to provide sustained protection with a significantly reduced burden on patients [2]. GSK anticipates data from the ongoing Phase 2b “prestIgE” trial in 2027, which will inform the subsequent Phase 3 program targeting both adult and pediatric populations [2].

Addressing a Critical Unmet Need

The acquisition targets a substantial market with high unmet medical needs. In the United States alone, over 17 million people are diagnosed with food allergies, and more than 1.3 million of these individuals experience severe reactions [2]. These conditions place a heavy strain on the healthcare system, resulting in over 3 million annual visits to hospitals and emergency care facilities [2]. The economic impact is equally severe, with food allergies estimated to cost U.S. families approximately $33 billion in 2024 [6]. By securing global rights to ozureprubart (excluding mainland China, Macau, Taiwan, and Hong Kong), GSK aims to address these challenges with a therapy that could redefine the standard of care for prophylaxis against allergic reactions [2][4].

Leadership and Long-Term Strategy

This transaction represents the first major strategic move for Luke Miels, who officially assumed the role of CEO at GSK on January 1, 2026 [8]. The acquisition aligns with GSK’s broader strategy to fortify its pipeline in immunology and respiratory care ahead of significant industry headwinds [2][7]. Analysts project that the pharmaceutical sector faces a “patent cliff” that could result in $230 billion in lost revenue from the U.S. market between 2025 and 2030 due to the expiration of exclusivity on key drugs [5][7]. To counteract these pressures, GSK has set an ambitious target of exceeding £40 billion ($54 billion) in annual revenue by 2031 [4]. By acquiring validated clinical assets like ozureprubart, the company is positioning itself to deliver sustained growth despite the impending loss of patent protection for other portfolio assets [2][4].

Sources

Venture Capital Biotech M&A