AbbVie to Acquire Apogee for $10.9 Billion at $135.11 per Share
APGE•AbbVie will acquire Apogee Therapeutics for $135.11 per share in cash, valuing the transaction at $10.9 billion with a 49% premium and targeting a third-quarter 2026 close pending approvals. Phase 2 data showed two-thirds of patients reached skin clearance with doses twice yearly, offering a convenience advantage over biweekly Dupixent.
1. Deal Terms and Valuation
AbbVie will pay $135.11 per share in cash to acquire Apogee Therapeutics, valuing the transaction at $10.9 billion, a 49% premium to the prior closing price. Debt financing will back the purchase, and after subtracting Apogee’s cash and marketable securities, the net implied value is approximately $10.1 billion.
2. Pipeline Focus on Zumilokibart
The acquisition centers on Apogee’s lead candidate, zumilokibart, an IL-13 antibody in Phase 3 for moderate-to-severe atopic dermatitis. Phase 2 data showed two-thirds of patients achieved skin clearance with twice-yearly maintenance dosing, positioning it as a more convenient alternative to biweekly Dupixent injections.
3. Financial Impact on AbbVie
AbbVie anticipates an adjusted earnings per share reduction of about $0.14 in 2026 and $0.46 in 2027 before the acquisition turns accretive in 2032. The debt-financed deal factors in Apogee’s existing cash, and the purchase is expected to create long-term value once fully integrated.
4. Timeline and Next Steps
Both companies’ boards have approved the merger, which is scheduled to close in the third quarter of 2026 pending regulatory clearances and a vote by Apogee shareholders.
