Key facts
- AbbVie will acquire Apogee Therapeutics for $10.9 billion in cash.
- The acquisition aims to strengthen AbbVie's immunology drug pipeline.
- AbbVie gains access to Apogee's lead drug candidate, zumilokibart, for inflammatory diseases.
- The deal represents a premium of approximately 49.49% to 60% above Apogee's recent closing share price.
AbbVie has agreed to acquire Apogee Therapeutics for $10.9 billion in cash, a move aimed at strengthening its pipeline of next-generation immunology treatments. The deal, expected to be announced as early as Monday, represents a significant premium for Apogee, with offers reportedly around 49.5% to 60% above its recent closing share price.
The acquisition grants AbbVie access to Apogee's lead drug candidate, zumilokibart, an experimental therapy targeting a range of inflammatory conditions including moderate-to-severe atopic dermatitis and asthma. Apogee, a biotechnology company founded in 2022, focuses on developing therapies for inflammatory and immune diseases. The company had previously secured a financing package worth up to $1.3 billion from Blackstone Life Sciences to support the late-stage development of its eczema drug.
Apogee's shares saw a notable increase in premarket trading following the news, reflecting the substantial premium offered by AbbVie. The transaction is expected to bolster AbbVie's position in the immunology market.