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London, United Kingdom: British pharmaceutical giant GlaxoSmithKline on Tuesday agreed to buy US biotech company RAPT Therapeutics, which is developing a food allergy drug, in a deal valued at $2.2 billion.
The acquisition hands GSK access to ozureprubart, a long-acting antibody in clinical development for the treatment of food allergies.
GSK said in a statement that the drug "offers the potential for less frequent dosing of every 12 weeks", compared to current treatments which involve injections every two to four weeks.
More than 17 million people in the United States are diagnosed with food allergies, with more than 1.3 million suffering severe reactions, according to GSK.
"If GSK can crack the formula for a more convenient treatment, it stands to potentially make big bucks," said AJ Bell investment director Russ Mould.
California-based RAPT specialises in developing therapies for inflammatory and immunologic diseases.
Under the deal, GSK will pay $58 per share, valuing the company at $2.2 billion.
The transaction is expected to be finalised in the current first quarter.
GSK's share price was down 1.6 percent on London's top-tier FTSE 100 index, which was trading more than one percent lower overall on fresh US tariff concerns.
