GSK to acquire RAPT Therapeutics

LEI: 549300Q7EXQQH6KF7Z84

21 January 2026

RTW Biotech Opportunities Ltd

GSK to acquire RAPT Therapeutics

· Transaction values RAPT at approximately $2.2 billion

· Acquisition price of $58 per share represents a 65% premium to closing share price on 19 January

· As at 31 December 2025, RAPT represented 0.15% of the Company's NAV

RTW Biotech Opportunities Ltd ("the Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to the note the announcement by GSK, plc. ("GSK" LSE/NYSE: GSK) that it has entered into a definitive agreement to acquire public portfolio company RAPT Therapeutics, Inc. ("RAPT" Nasdaq: RAPT).

RAPT is a California-based clinical-stage biopharmaceutical company developing therapies for patients living with inflammatory and immunologic diseases. The acquisition includes ozureprubart, a monoclonal antibody treatment that RAPT had advanced to Phase 2b for prophylactic protection against food allergens, which affect more than 17 million patients in the US alone.

RAPT shareholders will receive $58 per share in an all-cash transaction that values RAPT at $2.2 billion and is expected to be completed in the first quarter of 2026. The acquisition price represents a 65% premium to RAPT's closing share price on 19 January, prior to the announcement. As at 31 December 2025, RAPT represented 0.15% of the Company's NAV.

Rod Wong, CIO of RTW Investments, said, "We are pleased to see GSK recognize the innovative work being done at RAPT, the potential of ozureprubart, and the promise it holds for patients living with severe food allergies. This is the second acquisition from the Company's portfolio so far in 2026, following Boston Scientific's acquisition of Penumbra last week. We think that 2026 will be a stand-out year for biotech M&A as policy risks recede and large pharmas seek to replenish their pipelines in the face of a cumulative $170 billion patent cliff looming by 2032."

RAPT's announcement can be found here.

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About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwbio.com for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.