London, Jan 22, 2026, 09:13 GMT — Regular session
- In early London trading, GSK shares edged up 0.1%
- Investors are digesting the RAPT Therapeutics acquisition alongside changes in ViiV Healthcare’s ownership structure
- Attention shifts to Feb. 4 full-year results as U.S. vaccine policy increasingly clouds outlook
GSK shares ticked up in early London trading Thursday as investors weighed the drugmaker’s push into a mid-stage food-allergy treatment alongside growing discussions over vaccine demand in the U.S.
The $2.2 billion cash offer for RAPT Therapeutics marks the company’s first major deal under CEO Luke Miels. It arrives as investors push for clearer signals on the next phase of growth.
Vaccine makers now confront a more politically charged U.S. environment. This uncertainty has begun to weigh on valuations more heavily than it did several months back, arriving just before a packed schedule of sector earnings.
GSK announced it will pay $58 per share for RAPT, valuing the U.S. biotech at roughly $2.2 billion. The upfront payment is about $1.9 billion, net of acquired cash. The acquisition includes ozureprubart, a lab-engineered antibody targeting IgE, a key immune factor in allergic reactions. Phase IIb data for the drug is expected in 2027. GSK highlighted that ozureprubart could be dosed every 12 weeks, compared to current anti-IgE treatments requiring injections every two to four weeks.
Analysts remain divided on what this deal reveals about the new CEO’s ambitions. Jefferies’ Michael Leuchten argued that GSK must keep making moves like this, especially with patents on its top-selling HIV drug dolutegravir set to expire in mid-2028. On the other hand, Barclays analysts pointed out that the asset is earlier-stage than they had expected, suggesting some investors might have hoped for something “more transformational.” Following the announcement, GSK shares slipped 1.6% on Tuesday. Reuters
In a separate move, GSK and Japan’s Shionogi reached an agreement with Pfizer to adjust ViiV Healthcare’s ownership structure. Shionogi will boost its economic stake to 21.7%, while Pfizer plans to exit. As part of the deal, Pfizer will get $1.875 billion, and GSK will pocket a £250 million special dividend. The transaction is slated to close in Q1 2026, the companies said.
Vaccine exposure adds another layer of uncertainty. Reuters highlighted how broad U.S. policy shifts under Health Secretary Robert F. Kennedy Jr. have dampened enthusiasm among vaccine makers. ING’s Stephen Farrelly summed it up: “Vaccines will not be a growth area under the current administration.” Investor worries focus on the risk that weaker demand might prove stubborn. The report pointed out that GSK and Sanofi saw U.S. flu vaccine sales fall in Q3, despite a tougher flu season. Reuters
For GSK, a pipeline deal aimed at expanding its immunology and inflammation portfolio now faces a vaccine market that’s proving more uncertain than expected.
But the risks remain obvious. Ozureprubart is only in mid-stage trials, and any hiccups in the data or delays before phase III would push back timelines investors are already eyeing warily. On the vaccine front, changing policies and legal battles might alter demand and reimbursement unpredictably, throwing off companies’ projections.
GSK is set to report its full-year and Q4 results on Feb. 4. Investors will be watching closely for updates on short-term sales, the vaccine pipeline, and any new deals or pipeline developments under Miels.
