Key facts
- AbbVie is reportedly nearing a $10.9 billion cash deal to acquire Apogee Therapeutics.
- The acquisition would add Apogee's experimental eczema drug, zumilokibart, to AbbVie's portfolio.
- The deal represents a premium of approximately 60% over Apogee's closing share price on Thursday.
- An announcement of the deal could be made as early as Monday.
- Apogee Therapeutics focuses on therapies for inflammatory and immune diseases.
AbbVie is reportedly in advanced talks to acquire Apogee Therapeutics, a biotechnology company focused on inflammatory diseases, for approximately $10.9 billion in cash. The Financial Times reported the potential deal, citing sources familiar with the matter.
The acquisition would significantly enhance AbbVie's drug pipeline, particularly with Apogee's lead drug candidate, zumilokibart, an experimental treatment for atopic dermatitis (eczema). This drug is considered a potential competitor to Sanofi's widely successful Dupixent, with Apogee suggesting zumilokibart may require less frequent injections due to its longer duration in the body.
The proposed deal represents a substantial premium, estimated at around 60%, over Apogee's closing share price on Thursday. Apogee's shares have seen a 19.7% increase year-to-date, with a market capitalization of about $6.81 billion. The company had previously secured a financing package of up to $1.3 billion from Blackstone Life Sciences to support the late-stage development of its eczema drug.
An announcement of the acquisition could be imminent, potentially as early as Monday, provided negotiations conclude successfully. Apogee Therapeutics, founded in 2022, also works on therapies for chronic obstructive pulmonary disease and other immunological disorders.
This potential deal would be one of AbbVie's largest acquisitions in recent years, following its purchase of Allergan Aesthetics six years ago. AbbVie's existing portfolio includes blockbuster anti-inflammatory drugs such as Humira and Skyrizi.