AbbVie announced that it has entered into a definitive agreement to acquire Apogee Therapeutics. Under the terms of the transaction, AbbVie will acquire all outstanding shares of Apogee for $135.11 per share in cash. The transaction values Apogee at a total equity value of approximately $10.9 billion.
The boards of directors of both companies have unanimously approved the transaction. The deal is expected to close in the third quarter of 2026, subject to customary closing conditions, including Apogee shareholder approval and regulatory approvals.
Apogee is a clinical-stage biotechnology company developing biologics for inflammatory and immunological diseases, including atopic dermatitis, asthma, eosinophilic esophagitis, chronic obstructive pulmonary disease, and other indications.
The acquisition is expected to deepen AbbVie’s immunology portfolio and expand its clinical presence in respiratory diseases.
Apogee’s lead asset is zumilokibart, also known as APG777, a subcutaneous, half-life-extended monoclonal antibody targeting IL-13. The therapy is being developed for atopic dermatitis and has potential applicability across other inflammatory diseases.
AbbVie said zumilokibart achieved clinically significant Phase 2 results in atopic dermatitis, with approximately two-thirds of treated patients achieving significant skin clearance at 16 weeks, along with reductions in itch and improvements in overall disease control. Longer-term data also support potential maintenance dosing on a quarterly or twice-yearly schedule.
Apogee’s pipeline also includes APG273, a combination of zumilokibart and APG333. APG333 is an anti-TSLP monoclonal antibody with an extended half-life being developed for asthma. AbbVie said Phase 1 data for APG333 showed a long half-life and suppression of relevant type 2 inflammatory markers for up to six months after dosing.
AbbVie said the transaction has the potential to create substantial shareholder value, with peak sales across Apogee’s pipeline in the mega-blockbuster range. The proposed acquisition is expected to be accretive to AbbVie’s adjusted diluted earnings per share beginning in 2032.
Fairmount Funds Management and Venrock Associates have entered into voting agreements in support of the transaction.
Morgan Stanley is serving as financial advisor to AbbVie, and Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal advisor. Jefferies and Goldman Sachs are serving as financial advisors to Apogee, and Kirkland & Ellis is serving as legal advisor.
KEY QUOTES:
“For more than two decades, AbbVie has led and shaped the field of immunology bringing the science, scale and expertise needed to address some of the most complex diseases. The acquisition of Apogee further builds on our existing leadership, strengthening our ability to deliver innovative medicines to patients who need better options while also creating significant long-term value for shareholders. Apogee’s pipeline adds highly differentiated clinical-stage assets, further expanding our robust immunology portfolio in areas of significant patient need, including atopic dermatitis and asthma. With our deep scientific expertise and proven capabilities, we are uniquely positioned to rapidly advance these programs and continue to transform the standard of care in inflammatory diseases.”
Robert A. Michael, Chairman and Chief Executive Officer of AbbVie
“This transaction reflects the strength of Apogee’s vision, our team’s dedication and the significant progress we’ve made advancing zumilokibart and our differentiated pipeline. Since our founding, we’ve focused on developing transformative therapies for patients with inflammatory diseases while creating value for shareholders. This transaction delivers substantial shareholder value and positions our programs to reach their full potential. We are deeply grateful to the patients, physicians and investigators who helped make this milestone possible. We believe AbbVie can advance zumilokibart and our portfolio while expanding their impact for patients worldwide.”
Michael Henderson, M.D., Chief Executive Officer of Apogee
