AbbVie acquires Apogee Therapeutics for $10.9 billion

AbbVie agreed to get Apogee Therapeutics for $135.11 per stock successful cash, valuing the clinical-stage biotechnology institution astatine astir $10.9 billion, the companies said Monday. Both boards person approved the transaction, which is expected to adjacent successful the 3rd 4th of 2026, pending regulatory support and a ballot by Apogee shareholders.

The woody centers connected Apogee's pb cause candidate, zumilokibart, an antibody targeting IL-13, a macromolecule that drives inflammatory conditions including atopic dermatitis — the astir communal signifier of eczema — and asthma. In a Phase 2 trial, astir two-thirds of patients connected attraction achieved important tegument clearance astatine 16 weeks, the institution said. Longer-term information from the aforesaid proceedings supports attraction dosing of either erstwhile each 3 months oregon doubly a year.

Because Dupixent indispensable beryllium injected each 2 weeks, zumilokibart's acold little predominant attraction docket — arsenic small arsenic doubly a twelvemonth — could springiness it a meaningful convenience vantage implicit the Sanofi and Regeneron blockbuster, according to Reuters. Zumilokibart is presently successful Phase 3 studies for moderate-to-severe atopic dermatitis.

Apogee's pipeline besides includes APG273, a operation of zumilokibart and APG333, an antibody that blocks TSLP, a signaling macromolecule progressive successful lung inflammation. The two-drug operation is being developed for asthma and is besides being studied with quarterly oregon twice-yearly injections, the institution said.

On a per-share basis, adjusted net volition instrumentality a deed of astir 14 cents this twelvemonth and astir 46 cents successful 2027 earlier the acquisition turns accretive successful 2032, according to The Wall Street Journal. Debt financing volition backmost the acquisition price, and erstwhile Apogee's currency and marketable securities are subtracted, the nett implied worth of the transaction comes to astir $10.1 billion.

At $135.11 a share, AbbVie's bid values Apogee astatine a astir 49% markup to wherever the banal closed Thursday. Early Monday trading saw Apogee leap astir 48%, portion AbbVie edged higher by astir 1.5%, according to CNBC.

"The acquisition of Apogee further builds connected our existing leadership, strengthening our quality to present innovative medicines to patients who request amended options portion besides creating important semipermanent worth for shareholders," AbbVie president and CEO Robert A. Michael said successful a statement.

AbbVie's fiscal advisor is Morgan Stanley & Co. LLC. Apogee's fiscal advisors are Jefferies LLC and Goldman Sachs & Co. LLC, the institution said.