GSK’s $2.2B Bet Signals a New Phase in Allergy Drug Races

GSK’s acquisition of RAPT spotlights late-stage allergy drugs, hints at a cautious M&A revival, and raises the stakes in immunology

20 Jan 2026

After several years of restrained spending, confidence is edging back into the biotech sector. GSK’s agreement to buy RAPT Therapeutics for $2.2bn does not suggest a rush of large deals, but it does point to a more selective return of capital to late-stage drug development.

The acquisition centres on ozureprubart, an experimental treatment for food allergies that is currently in Phase 2b clinical trials. The drug is still unproven, but its proposed dosing schedule, a once-every-three-months injection, sets it apart from existing therapies that often require monthly or even biweekly administration.

If trial data support its use, the convenience could influence how food allergies are treated over the long term, particularly for patients who struggle with frequent injections. That potential, rather than a clear clinical advantage, appears to underpin GSK’s interest.

For large pharmaceutical groups, the strategy is familiar. Revenue from established medicines is gradually eroded as patents expire, pushing companies to replenish their pipelines. Acquiring a Phase 2b asset allows GSK to bypass early-stage research while accepting the clinical and regulatory risks that remain.

The company has described the deal as disciplined, aligning with a broader focus on therapies that could be integrated into routine care rather than confined to narrow patient groups. Such an approach reflects a shift away from earlier periods of aggressive deal-making in biotech.

Competition in the allergy market is already well established. Xolair, developed by Novartis and Roche, has regulatory approval across several allergic conditions and a strong market position. Ozureprubart is not yet positioned as a direct rival, with its potential advantage lying more in ease of use and possible wider uptake.

The deal is also being read as a signal for the wider industry. Analysts expect 2026 could see more acquisitions of biotech companies with assets nearing late-stage trial results, provided the science appears robust. While unlikely to trigger a surge in valuations, such transactions suggest a cautious reopening of the market.

For RAPT, the acquisition brings financial backing at a critical stage, as clinical trials become costlier and regulatory preparations intensify. The outcome of ozureprubart’s development remains uncertain, but its route forward is now clearer.