New York, Jan 21, 2026, 04:20 EST — Premarket
- GSK ADRs slipped to $47.65, shedding 1.2% from their previous close.
- GSK is set to acquire RAPT Therapeutics for $2.2 billion, securing a promising experimental drug for food allergies.
- With Luke Miels at the helm, investors are zeroing in on deal specifics and GSK’s Feb. 4 earnings for signals on the company’s direction.
GSK plc’s U.S.-listed shares slipped 1.2% to $47.65 in light premarket trading Wednesday, following the announcement of a $2.2 billion acquisition and changes at its HIV joint venture.
The RAPT Therapeutics acquisition marks the first big move by new CEO Luke Miels, coming as investors demand clearer plans from GSK on how it will offset declining sales tied to patent expiries on key drugs, including its leading HIV treatment dolutegravir. (Reuters)
Timing is key. Miels stepped in just weeks ago, and the scale, stage, and price of this deal will probably shape what’s next — whether that’s more small “bolt-on” acquisitions or a bigger move tied more directly to revenue.
GSK will pay $58 per share for RAPT, a hefty 65.2% premium over Monday’s closing price, securing rights outside mainland China, Macau, Taiwan, and Hong Kong to RAPT’s mid-stage food allergy drug ozureprubart. The drug targets IgE, the antibody behind allergic reactions. Chief Scientific Officer Tony Wood called the asset “consistent with our approach.” Jefferies analyst Michael Leuchten described the deal as the kind GSK needs to keep making as HIV patents expire. But Barclays analysts cautioned the drug is earlier-stage than expected, suggesting “investors may have hoped” for a more immediate opportunity. (Reuters)
A U.S. filing revealed the deal is slated to close in Q1 2026. Evercore is serving as GSK’s exclusive financial adviser, while A&O Shearman handles legal counsel. (SEC)
Along with the RAPT announcement, GSK revealed Pfizer will exit ViiV Healthcare. Japan’s Shionogi will buy newly issued shares, raising its stake to 21.7%, while GSK retains 78.3%. GSK is also slated to receive a $250 million special dividend linked to Pfizer’s share cancellation. (Reuters)
The mechanics are straightforward, but the message remains complex. GSK is investing in future growth areas like respiratory and immunology, while simultaneously narrowing its stake in ViiV, a key player in its HIV franchise.
The catch is clear: ozureprubart remains stuck in a mid-stage trial, with late-stage failures frequent in immunology. If the efficacy or safety results fall short, the hefty premium paid for RAPT could seem excessive. GSK might still have to pursue additional deals to navigate the looming dolutegravir cliff.
Ahead of the regular session, traders will focus on whether deal talk expands—particularly if GSK stays with later-stage bolt-ons or goes after larger, quicker revenue targets—and how the market factors in clinical and execution risks following Tuesday’s move in London.
The next major event arrives fast: GSK will release full-year and Q4 earnings on Feb. 4. Investors will be watching closely for any revised guidance, shifts in pipeline focus, and early clues on Miels’ strategy for capital allocation. (Gsk)
