GSK’s $2.2B Bet on Food Allergy Breakthrough Signals Bold Start for New CEO

British pharmaceutical giant GSK has kicked off a new chapter with a decisive deal, agreeing to acquire RAPT Therapeutics for $2.2 billion. The acquisition brings global rights to ozureprubart, an experimental food allergy therapy, strengthening GSK’s growing respiratory and immunology portfolio.

It’s the first major acquisition under newly appointed CEO Luke Miels, and investors are already reading it as a signal of how he plans to steer the company through looming challenges—from U.S. tariffs to patent expirations on blockbuster drugs.

GSK will pay $58 per RAPT share, with an upfront investment of $1.9 billion. In return, it secures worldwide rights to ozureprubart, excluding mainland China, Macau, Taiwan, and Hong Kong.

The market reaction was swift:

The contrasting moves reflect investor optimism about RAPT’s pipeline and a wait-and-see approach toward GSK’s longer-term payoff.

Ozureprubart is a lab-engineered therapy designed to block inflammation triggered by food allergies. By targeting a specific antibody involved in immune reactions, the drug aims to prevent allergic responses before they escalate.

One of its most promising advantages is less frequent dosing compared to current treatments—an important quality-of-life improvement for patients managing chronic and potentially life-threatening allergies.

“Ozureprubart is consistent with our strategy of acquiring assets that target validated biology and address clear unmet medical needs,” said GSK Chief Scientific Officer Tony Wood.

The timing of the deal is no accident. GSK faces revenue pressure as several top-selling drugs approach patent expiry. Investors are counting on CEO Luke Miels to reignite growth and help the company reach its ambitious target of over £40 billion ($54 billion) in annual revenue by 2031.

By expanding its immunology pipeline now, GSK is betting on future therapies that can offset those looming losses—and deliver durable growth.

Alongside the RAPT acquisition, GSK announced another notable development: Japan’s Shionogi & Co will increase its stake in ViiV Healthcare after Pfizer exited the HIV-focused joint venture.

GSK will retain its 78.3% majority stake in ViiV, which is advancing a pipeline of long-acting injectable HIV treatments and prevention medicines. As part of the restructuring, GSK will also receive a $250 million special dividend as ViiV cancels Pfizer’s shares.

GSK’s $2.2 billion purchase of RAPT Therapeutics is more than a single drug deal—it’s a strategic signal. Under new leadership, the company is doubling down on immunology innovation, making targeted bets on therapies with clear unmet needs.

If ozureprubart delivers on its promise, this acquisition could mark the moment GSK’s next growth engine was set in motion.