AbbVie to Buy Apogee Therapeutics in $10.9 Billion Cash Deal
AbbVie's all-cash purchase of the clinical-stage biotech adds a late-stage IL-13 antibody and a broader inflammatory-disease pipeline to its immunology franchise as Humira sales continue to erode.
AbbVie (ABBV) agreed to acquire Apogee Therapeutics, Inc. (APGE) for approximately $10.9 billion in cash, paying $135.11 a share for the clinical-stage biotechnology company's pipeline of therapies for inflammatory and immunological diseases. The deal is structured as an all-cash transaction and is expected to close in the third quarter of 2026, subject to Apogee shareholder approval and receipt of required regulatory clearances.
The acquisition is expected to strengthen AbbVie's immunology portfolio while advancing Apogee's differentiated pipeline, which is anchored by zumilokibart, a late-stage, half-life extended monoclonal antibody targeting IL-13. The transaction follows a strategic financing collaboration Apogee struck with Blackstone Life Sciences in May 2026 for up to $1.3 billion in non-dilutive capital, which had been intended to fund the drug's Phase 3 development and potential commercialization on a standalone basis.
"The strength of our Phase 2 APEX Part B results further demonstrated the potential of zumilokibart to redefine treatment for patients with moderate-to-severe atopic dermatitis while reinforcing its broader pipeline-in-a-product opportunity across inflammatory diseases," said Michael Henderson, M.D., chief executive officer of Apogee Therapeutics. "We are grateful to the patients, investigators and employees who made these milestones possible, and we believe AbbVie's scientific expertise, global scale and commercial capabilities provide the best opportunity to realize the full potential of these programs for patients around the world".
The deal comes as Apogee reported second-quarter results showing the clinical rationale behind AbbVie's move. The company's Phase 2 APEX Part B trial met its primary endpoint, with 65.9% of patients on the mid-dose regimen of zumilokibart achieving EASI-75, a 41.9-percentage-point improvement over placebo, alongside statistically significant gains across secondary measures including IGA 0/1 response and itch reduction. Apogee selected that mid-dose regimen for a planned Phase 3 launch in atopic dermatitis this year, and it is also advancing the same antibody into eosinophilic esophagitis and, in combination with APG333 as APG273, into asthma. The company ended the quarter with $1.3 billion in cash and posted a net loss of $85.9 million, widening from $66.1 million a year earlier as research spending on the zumilokibart program increased.
AbbVie first disclosed the agreement in June 2026, describing the acquisition as complementary to its existing immunology franchise built around Skyrizi and Rinvoq, and as a way to accelerate its clinical presence in respiratory disease. AbbVie chairman and chief executive Robert A. Michael said the deal builds on more than two decades of leadership in immunology and expands the company's pipeline in areas of significant patient need, including atopic dermatitis and asthma. The transaction is expected to be accretive to AbbVie's adjusted diluted earnings per share beginning in 2032.
AbbVie's financial advisor on the deal is Morgan Stanley & Co. LLC, with Paul, Weiss, Rifkind, Wharton & Garrison LLP serving as legal counsel; Apogee is advised by Jefferies LLC and Goldman Sachs & Co. LLC, with Kirkland & Ellis LLP as legal counsel. Fairmount Funds Management LLC and Venrock Associates, two of Apogee's shareholders, have entered into voting agreements in support of the transaction.