GSK announces $2.2 billion deal, targeting once-per-three-month food allergy drug

By Steve Goldstein

A drug to treat food allergies drove GSK to buy RAPT Therapeutics.

The growing scourge of food allergies drove U.K. heavyweight pharmaceutical GSK to announce a $2.2 billion deal on Tuesday.

GSK said it was buying U.S.-listed RAPT Therapeutics for $2.2 billion, or $58 a share. The cost falls to $1.9 billion due to the cash on RAPT's balance sheet, GSK said.

RAPT shares (RAPT) jumped 64% to $57.40 in premarket trade. GSK shares (UK:GSK) slipped 1% in London action.

RAPT, based in San Francisco, has a drug called ozureprubart in Phase 2b development, that would require administration once every 12 weeks, instead of existing injections that are once every 2 to 4 weeks from a competing drug called Xolair made by Roche's (CH:ROG) Genentech and Novartis (CH:NOVN).

GSK also noted that approximately 25% of patients are ineligible for existing therapies.

The RAPT drug is a prophylaxis against peanut, milk, egg, cashew or walnut allergies.

-Steve Goldstein

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01-20-26 0507ET