In its first transaction of the year, GSK Plc, announced that it acquired Rapt Therapeutics, Inc. for $58 per share.
That price equates to an aggregate equity value of $2.2 billion, according to GSK, which added that the upfront investment net of cash acquired comes to $1.9 billion. Net of cash acquired, GSK’s estimated upfront investment is $1.9 billion.
Based in South San Francisco, California, RAPT is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients. It develops novel therapies that are designed to modulate the critical immune responses underlying these diseases. According to a March 6, 2025, financial report, the company announced a net loss for the year ending on December 31, 2024, of $129.9 million. It also reported EBITDA of negative $134.9 million.
GSK Plc, formerly GlaxoSmithKline plc, is a British multinational pharmaceutical and biotechnology company with global headquarters in Brentford, England. According to its 2024 annual report, the company generated £31.376 billion (more than $41.3 billion USD) in revenue in 2024.
The acquisition includes ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, currently in phase IIb clinical development for prophylactic protection against food allergens.
Evercore is acting as exclusive financial advisor and A&O Shearman is serving as legal counsel to GSK in connection with the transaction. J.P. Morgan Securities LLC is acting as exclusive financial advisor and Cooley LLP is serving as legal counsel to RAPT Therapeutics. The transaction is expected to close in the first quarter of 2026.
According to data captured in the LevinPro HC database, this transaction represents the eighth Biotechnology transaction of the year. In 2025, 135 Biotechnology acquisitions were recorded, with GSK announcing three acquisitions. Additionally, this marks GSK’s largest transaction, by disclosed spending; its second largest purchase price is the 2023 acquisition of BELLUS Health for $2 billion.
