GSK plc (NYSE:GSK) on Tuesday agreed to acquire RAPT Therapeutics Inc. (NASDAQ:RAPT) for $58.00 per share.

The deal consideration is equivalent to an estimated aggregate equity value of $2.2 billion. Net of cash acquired, GSK’s estimated upfront investment is $1.9 billion.

RAPT Therapeutics is a California-based, clinical-stage biopharmaceutical company dedicated to developing novel therapies for inflammatory and immunologic diseases.

The acquisition includes ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, currently in phase 2b clinical development for prophylactic protection against food allergens.

IgE is a clinically validated target and is the only approved systemic therapy shown to protect patients from a harmful allergic and inflammatory immune response. Around 94% of severe food allergies are caused by IgE-mediated reactions.

Current anti-IgE treatment for food allergy involves injections every 2 to 4 weeks. Ozureprubart’s clinical profile offers the potential for less ...