Shares of Rapt Therapeutics (RAPT +0.00%) surged on Tuesday after the immunology specialist struck a deal to be acquired by British pharmaceutical leader GSK (GSK 1.70%) for $2.2 billion.
By the close of trading, Rapt's stock price was up more than 60%.
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An enticing offer for Rapt Therapeutics' shareowners
Under the terms of the deal, Rapt's investors would receive $58.00 per share. That's a premium of over 65% to the biotech stock's closing price on Jan. 16, the last trading day prior to the acquisition announcement.
NASDAQ: RAPT
Key Data Points
The deal would give GSK the global rights to ozureprubart outside of mainland China, Macau, Taiwan, and Hong Kong. Ozureprubart is Rapt's experimental antibody treatment designed to provide protection against food allergens with less frequent dosing than existing therapies. The drug is currently in phase 2 clinical trials.
"The addition of ozureprubart brings another promising new, potential best-in-class treatment to GSK's pipeline," GSK chief scientific officer Tony Wood said in a press release.
The deal is projected to close in the first quarter, subject to regulatory approval.
A significant unmet need
More than 17 million people have food allergies in the U.S alone. Over 1.3 million people struggle with severe reactions.
Rapt's investigational antibody treatment targets a protein that triggers approximately 94% of severe food allergies.
