Overview
- AbbVie and Apogee signed a definitive all‑cash agreement for $135.11 per share, valuing Apogee at about $10.9 billion, and both boards approved the deal that is expected to close in the third quarter of 2026 pending regulatory clearance and an Apogee shareholder vote.
- The purchase centers on zumilokibart, an IL‑13‑targeting antibody that in Phase 2 produced about two‑thirds skin clearance at 16 weeks and showed maintenance dosing that could be given as rarely as once every three months or twice a year.
- AbbVie will finance the transaction largely with debt and after subtracting Apogee’s cash and marketable securities the net implied value is roughly $10.1 billion; Morgan Stanley advised AbbVie while Jefferies and Goldman Sachs advised Apogee.
- Markets reacted sharply to the announcement, with Apogee shares surging about 47–48% on the news and AbbVie shares moving modestly, reflecting investor focus on the deal’s premium and clinical risk.
- The deal reflects AbbVie’s strategy to buy early‑stage immunology assets to offset Humira’s biosimilar erosion and build long‑term growth, but the acquisition carries clinical and execution risk because zumilokibart is still in Phase 3 and accretion is expected on a multi‑year timeline.