GSK to acquire US biotech group for $2.2bn
FTSE 100 giant GSK has reached an agreement to acquire US based biotech group Rapt Therapeutics.
The deal values the company, which develops therapies for treating people with inflammatory and immunologic diseases, at $2.2bn (£1.6bn), and marks the first major deal for new GSK chief executive Luke Miels, coming just weeks after he took charge of the drugmaker.
The deal values California based Rapt at $58 per share, nearly double its closing price on the Nasdaq of $33.81 yesterday, with an upfront investment of $1.9bn.
The transaction is expected to close in the first quarter of 2026.
Food allergy programme
It will give GSK the global rights to the company’s ozureprubart programme, the firm’s experimental drug for food allergies, excluding mainland China, Hong Kong, Taiwan and Macau, with data from the drug’s trial expected next year.
Under the terms of the deal, the drugmaker will also be responsible for royalty payments for ozureprubart owed to RAPT’s partner, Shanghai Jeyou Pharmaceutical Co.
Tony Wood, chief scientific officer at GSK, said: “The addition of ozureprubart brings another promising new, potential best-in-class treatment to GSK’s pipeline.
“Ozureprubart offers the opportunity to bring sustained protection to patients.. and is consistent with our approach to acquire assets that address validated targets and where there is clear unmet medical need.”
Following news of the acquisition, GSK’s share price tumbled 1.24 per cent to 1793.49 pence.
Brian Wong, president and chief executive of Rapt Therapeutics, also noted the acquisition allows the company to access GSK’s “resources and infrastructure” as well as “global development and commercialisation capabilities”.
Pfizer exits joint venture
Meanwhile, GSK also saw Japanese pharmaceutical company Shionogi & Co to buy out Pfizer’s 11.7 per cent stake in HIV specialist ViiV Healthcare.
The transaction involves a $2.1bn investment by Shionogi to ViiV in exchange for the new shares, increasing its stake to 21.7 per cent from 10 per cent.
GSK will maintain its 78.3 per cent stake while Pfizer received $1.8bn for terminating its stake in the company.
David Redfern, Chair of ViiV Healthcare said: “This agreement simplifies ViiV’s shareholder structure and we look forward to continuing our highly successful collaboration with Shionogi to advance ViiV’s pipeline and portfolio of long-acting injectable HIV treatment and prevention medicines.”