This Biotech Was Quietly Bought Before a $58 Per Share Takeout
Key Points
FCPM III Services bought 1,489,096 RAPT shares last quarter.
The quarter-end position value rose by $53.22 million, reflecting both trading and stock price movement.
Post-trade, the fund held 1,833,333 shares valued at $62.09 million.
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On February 17, 2026, FCPM III Services B.V. disclosed a buy of 1,489,096 RAPT Therapeutics (NASDAQ:RAPT) shares, an estimated $46.24 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, FCPM III Services B.V. increased its stake in RAPT Therapeutics (NASDAQ:RAPT) by 1,489,096 shares during the fourth quarter. The estimated value of the new shares acquired was $46.24 million, based on the average unadjusted closing price for the quarter. At quarter-end, the total value of the position had risen by $53.22 million, reflecting both the trading activity and changes in RAPT’s share price.
What else to know
- Top holdings after the filing:
- NASDAQ: NAMS: $322.70 million (42.3% of AUM)
- NASDAQ: DYN: $106.85 million (14.0% of AUM)
- NASDAQ: ENGN: $86.98 million (11.4% of AUM)
- RAPT was acquired by GSK earlier this month for $58 per share, nearly 90% the average estimated purchase price per share of roughly $31 last quarter.
Company snapshot
- RAPT Therapeutics develops oral small molecule therapies targeting oncology and inflammatory diseases, with lead candidates RPT193 (inflammation) and FLX475 (oncology) in clinical trials.
- It operates a clinical-stage biopharmaceutical business model focused on drug discovery, development, and future commercialization; currently generates no product revenue.
- It. targets patients with unmet medical needs in oncology and immunology, with primary customers expected to be healthcare providers and institutions upon commercialization.
RAPT Therapeutics, Inc. is a clinical-stage biotechnology company specializing in the development of oral small molecule drugs for cancer and inflammatory conditions. The company's strategy centers on advancing novel CCR4 antagonists and kinase inhibitors through clinical trials to address significant unmet needs in immunology and oncology.
What this transaction means for investors
This trade stands out because the entire setup changed after the buying was already done at quarter’s end. GSK and RAPT’s acquisition agreement and closing both landed this quarter, meaning the position wasn’t built on deal certainty but rather on underlying conviction in the asset. What looked like a clinical-stage biotech bet quickly turned into a takeout arbitrage with a defined ceiling.
The numbers tell a clean story. Shares were effectively bought around the low-$30 range and then repriced to $58 per share as part of a roughly $2.2 billion acquisition, a near 90% premium that locked in gains almost immediately.
Strategically, GSK was acquiring ozureprubart, a late-stage anti-IgE therapy targeting food allergies, a market with significant unmet need and large patient populations. That kind of asset quality explains why the deal cleared at such a premium.
Within a portfolio dominated by high-conviction biotech names, this looks less like luck and more like process. You build positions in assets that could attract strategic interest, and occasionally the timeline compresses.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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