20 January 2026 Agreement to acquire RAPT Therapeutics Lead asset: ozureprubart, a potential best-in-class, long-acting anti-IgE monoclonal antibody for food allergy gsk.com Speakers Luke Miels Chief Executive Officer Tony Wood Chief Scientific Officer Disclosure statement This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer or a recommendation to sell securities, nor is it a substitute for the tender offer materials that Redrose Acquisitio ...

Core Viewpoint - GSK is acquiring RAPT Therapeutics for up to $2.2 billion to enhance its immunology portfolio, focusing on food allergy treatments [1][2]. Group 1: Acquisition Details - GSK will pay $58.00 per share for RAPT, resulting in an aggregate equity value of approximately $2.2 billion, significantly higher than RAPT's closing stock value of $35.10 on January 16 [1]. - The acquisition includes global commercial rights to ozureprubart, a long-acting anti-immunoglobulin E (IgE) prophylactic food allergy candidate, outside of specific Asian markets [2]. Group 2: Product Potential - Ozureprubart is currently in Phase IIb clinical trials and could become a "best-in-class" medication if approved, due to its once-quarterly dosing schedule, unlike other therapies that require more frequent dosing [3]. Group 3: Strategic Focus - GSK is emphasizing immunology as a key growth area, having previously engaged in a $12 billion deal with Hengrui Pharma for immunology and oncology assets [4]. - The company also established a five-year £50 million ($54.3 million) R&D agreement with the University of Cambridge to develop new treatments for immune dysfunction [5]. Group 4: Industry Context - The pharmaceutical industry is facing a significant patent cliff, with potential losses of $230 billion in the US market from 2025 to 2030, prompting companies to seek new growth avenues [6]. - GSK's Chief Scientific Officer highlighted the use of AI-driven early-stage R&D to strengthen its pipeline and mitigate losses from drug patent expirations [7].

Core Viewpoint - RAPT Therapeutics has agreed to be acquired by GSK in a deal valued at approximately $2.2 billion, leading to a significant increase in RAPT's share price [1] Company Summary - RAPT Therapeutics is a biopharmaceutical company that focuses on developing therapies for cancer and other serious diseases [1] - The acquisition by GSK represents a strategic move to enhance GSK's portfolio in the biopharmaceutical sector [1] Financial Summary - The acquisition deal is valued at around $2.2 billion, indicating a strong market interest and valuation for RAPT Therapeutics [1]

Core Viewpoint - GSK has announced a $2.2 billion acquisition of RAPT Therapeutics, focusing on a drug for severe food allergies, marking a significant move under new CEO Luke Miels [1][7]. Group 1: Acquisition Details - GSK is acquiring RAPT Therapeutics for $58 per share, totaling $2.2 billion, which represents a 63% increase in RAPT's share price to $57.40 in pre-market trading [7]. - The acquisition grants GSK global rights to ozureprubart, except in mainland China, Macau, Taiwan, and Hong Kong [7]. Group 2: Product Information - RAPT Therapeutics is developing ozureprubart (Ozu), a long-acting treatment for food allergies currently in mid-stage clinical trials in the US [2]. - Ozu targets IgE, a key factor in food allergy reactions, and is being tested on patients with allergies to peanuts, milk, eggs, cashews, and walnuts [3]. Group 3: Market Potential - If successful, Ozu could be launched in 2031 and is projected to achieve annual sales of at least $1 billion, contributing to GSK's goal of £40 billion in total revenues by that year [3]. - Current food allergy treatments require frequent injections, while Ozu is administered every 12 weeks, potentially benefiting the 25% of patients ineligible for existing therapies [4]. Group 4: Market Context - In the US, over 17 million people have food allergies, with more than 1.3 million experiencing severe reactions, leading to over 3 million emergency care visits annually [5]. - In the UK, approximately 6% of adults, or 2.4 million people, have food allergies, with peanuts and tree nuts being the most common allergens [6].

Group 1: Stock Market Movements - Logitech (LOGI), NetApp (NTAP), and CDW (CDW) saw declines of 6%, 4%, and 2% respectively after Morgan Stanley downgraded all three, citing a "perfect storm" for IT hardware due to the slowest corporate spending in 15 years outside of COVID-19 [4] - The downgrade was influenced by a 4Q CIO survey indicating softer demand, with resellers expecting 30%-60% of customers to cut budgets for PCs, servers, and storage amid rising component prices [4][5] - The hardware down-cycle is expected to last three to five quarters, with CDW downgraded to Equal-Weight (PT $141), Logitech to Underweight (PT $89), and NetApp to Underweight (PT $89) [5] Group 2: NYSE Developments - The New York Stock Exchange (NYSE) is developing a platform for 24/7 trading of tokenized U.S.-listed equities and ETFs using blockchain technology [5][6] - This platform aims to enable instant settlement, dollar-sized orders, and stablecoin-based funding, although the launch date has not been disclosed [6] - The initiative is part of Intercontinental Exchange's (ICE) broader digital strategy, which includes enhancing clearing infrastructure for 24/7 trading and supporting tokenized deposits [7][8] Group 3: Tesla and EV Market - Tesla (TSLA) is expected to benefit from Canada's decision to reduce tariffs on Chinese-made electric vehicles (EVs) from 100% to 6.1%, allowing 49,000 EVs to be imported annually [9][10] - The EV quota may increase to 70,000 within five years, with half reserved for vehicles priced under C$35,000 ($25,192), which does not include Tesla's models [11] - Tesla's largest plant in Shanghai is already equipped to produce a Canada-specific version of its Model Y, which was previously shipped to Canada before the tariff imposition [10]

Core Viewpoint - The article discusses the role of Steven Goldstein in covering financial markets in Europe, emphasizing his focus on global macro and commodities [1] Group 1 - Steven Goldstein is based in London and is responsible for MarketWatch's coverage of financial markets in Europe [1] - His previous role was as Washington bureau chief, where he directed MarketWatch's economic, political, and regulatory coverage [1] - The article encourages following Steven Goldstein on Twitter for updates on financial markets [1]

Core Viewpoint - RAPT Therapeutics shares surged 63.5% in pre-market trading to $54.4 following the announcement that GlaxoSmithKline will acquire the company for $58 per share, valuing the equity at $2.2 billion, with an expected initial investment of $1.9 billion [1]. Group 1 - RAPT Therapeutics' market capitalization was less than $1 billion before the trading halt on Friday [1]. - The pre-market price of RAPT Therapeutics reached $54.4, reflecting a significant increase of 63.5% [1]. - The acquisition price of $58 per share represents a premium over the previous closing price of $32.19 [1]. Group 2 - The total market value of RAPT Therapeutics is reported at $973 million [2]. - The trading volume in the pre-market session was 430,100 shares [2]. - The stock has a 52-week high of $42.392 and a low of $5.665, indicating significant volatility [2].

Core Viewpoint - Shionogi & Co., Ltd. announced a $2.13 billion investment to acquire new shares in ViiV Healthcare, a company focused on HIV drug development, increasing its ownership stake to 21.7% [1][2]. Group 1: Transaction Details - Pfizer will divest its 11.7% stake in ViiV Healthcare for $1.88 billion, while GlaxoSmithKline (GSK) will receive a special dividend of $250 million as part of the agreement [1][2]. - After the transaction, GSK will retain a majority stake of 78.3% in ViiV Healthcare [1][2]. Group 2: Company Background - ViiV Healthcare is a joint venture established in 2009 between GSK and Pfizer, with Shionogi becoming a shareholder in 2012 [1][2]. - The company is currently focused on advancing long-acting injectable HIV treatment and prevention drugs [1][2].

Core Viewpoint - Alteogen Inc. has entered into an exclusive license agreement with Tesaro, Inc. for the development and commercialization of a subcutaneous formulation of dostarlimab using Alteogen's ALT-B4 technology [1][2]. Group 1: Financial Terms - Alteogen will receive an upfront payment of US$20 million and is eligible for milestone payments up to US$265 million based on the achievement of specific development, regulatory, and sales milestones [2]. - The company will also receive royalties on the sales of the commercialized product [2]. Group 2: Technology and Product Details - ALT-B4 is a proprietary human recombinant hyaluronidase enzyme developed using Hybrozyme™ technology, enabling large volume subcutaneous administration of drugs typically given via IV infusion [4]. - The technology works by temporarily hydrolyzing hyaluronan in the extracellular matrix, facilitating the subcutaneous delivery of medications [4]. Group 3: Company Overview - Alteogen Inc. is a South Korea-based biopharmaceutical company focused on developing and commercializing novel biologics, including Antibody-Drug Conjugates (ADCs), biobetters, and biosimilars [5]. - The company was founded in 2008 and is listed on KOSDAQ under the ticker 196170.KQ [5].

Core Viewpoint - The drugmaker has agreed to acquire RAPT shareholders at a price of $58 per share, involving an upfront cash investment of $1.9 billion [1] Group 1 - The acquisition price of $58 per share indicates a significant valuation for RAPT, reflecting the drugmaker's confidence in RAPT's potential [1] - The upfront investment of $1.9 billion demonstrates the drugmaker's commitment to expanding its portfolio through strategic acquisitions [1]