AbbVie nears $10.9B deal for Apogee Therapeutics

AbbVie is in advanced negotiations to acquire clinical-stage biotechnology company Apogee Therapeutics in an all-cash deal valued at approximately $10.9 billion, according to multiple reports. A formal announcement could be made as soon as Monday, June 22, though neither company has publicly confirmed the talks.

The proposed acquisition price represents a roughly 60% premium over Apogee’s closing share price of $90.38 on Thursday, June 18. Following the initial reports, AbbVie’s stock fell more than 2% on Friday, June 19, while Apogee’s shares climbed approximately 2%. The U.S. markets were closed on Friday for the Juneteenth holiday.

If finalized, this transaction would mark AbbVie’s largest acquisition since its $63 billion purchase of Allergan in 2019. However, the deals differ significantly in risk profile. Unlike Allergan, which came with approved therapies and established revenue, Apogee has no commercial products on the market. The company’s entire pipeline hinges on a single lead asset, zumilokibart, an antibody therapy designed to treat inflammatory conditions such as atopic dermatitis, asthma, and chronic obstructive pulmonary disease.