GSK to Acquire RAPT Therapeutics for $1.9 Billion

GSK plc (GSK) entered a merger agreement on January 20, 2026, to acquire RAPT Therapeutics, Inc. (RAPT) for $1.9 billion.

Deal Structure:

GSK will pay RAPT Therapeutics shareholders $58 per share, representing a 65.24% premium from the stock’s last close.

Company Profile:

RAPT Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel immunology-based therapies, including oral small molecules, to treat inflammatory, immunologic, and cancer-related diseases by targeting key immune pathways.

GSK is a global biopharmaceutical company that develops and manufactures vaccines and medicines across areas such as infectious diseases, HIV, oncology, and respiratory and immunology, with the goal of preventing and treating disease worldwide.

Deal Details and Timeline:

The acquisition includes ozureprubart, a long-acting antibody that targets IgE, a key part of allergic reactions. It is currently in mid-stage clinical trials and is being developed to help prevent reactions to food allergies.

IgE is a well-established and clinically proven target. It is the only approved systemic therapy shown to protect patients from harmful allergic and inflammatory immune responses. About 94% of severe food allergies are caused by IgE-mediated reactions.

Current anti-IgE treatments for food allergies require injections every 2 to 4 weeks, which can be difficult to manage, especially for children. Ozureprubart may allow dosing just once every 12 weeks. It could also offer a new option for approximately 25% of patients who are currently unable to use existing therapies.

Results from the phase IIb prestIgE trial, which is evaluating ozureprubart as a standalone treatment, are expected in 2027. Phase III studies are planned for both adults and children at risk. In the United States, more than 17 million people have food allergies, including over 1.3 million who experience severe reactions. These allergies result in more than 3 million hospital and emergency care visits annually.

The deal gives GSK global rights to develop and sell ozureprubart, except in mainland China, Macau, Taiwan, and Hong Kong. GSK will also take on responsibility for any milestone and royalty payments owed to RAPT’s partner, Shanghai Jeyou Pharmaceutical, if the programme is successful.

A GSK subsidiary will begin a tender offer within 10 business days.

The deal is expected to close in the first quarter of 2026.

RAPT is being advised by J.P. Morgan Securities on financial matters and by Cooley on legal matters. GSK is receiving financial advice from Evercore, with A&O Shearman acting as its legal advisor.

Deal Metrics:

For a comprehensive understanding of this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of RAPT Therapeutics, Inc. (RAPT) by GSK plc (GSK)

The Deal Metrics page provides detailed information about the merger or acquisition, including:

• A spread history chart of the merger from announcement to completion or failure.
• Progression of the merger through the HSR period, various regulatory approvals, shareholder votes, and more.
• News updates and SEC filings.
• A record of deal updates and much more.

Disclaimer: This article is for informational purposes only. Please conduct your own due diligence before making any investment decisions. We do not guarantee the accuracy or completeness of the information provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article