AbbVie to Acquire Apogee for $10.9 B, Adding IL-13 Drug with Biannual Dosing
ABBV•AbbVie agreed to acquire Apogee Therapeutics at $135.11 per share, valuing the clinical-stage biotech at approximately $10.9 billion. The transaction secures zumilokibart, an IL-13 antibody with quarterly or biannual dosing showing Phase 2 skin clearance in two-thirds of patients, and is slated to close in Q3 2026.
1. Deal Structure and Timeline
AbbVie will acquire Apogee at $135.11 per share, valuing the biotech at $10.9 billion. Both boards have approved the cash transaction, expected to close in the third quarter of 2026 pending regulatory clearance and an Apogee shareholder vote.
2. Strategic Pipeline Focus: Zumilokibart
The deal secures zumilokibart, an IL-13 antibody in Phase 3 for moderate-to-severe atopic dermatitis, with Phase 2 data showing two-thirds patient skin clearance at 16 weeks and maintenance dosing quarterly or biannual. It also includes APG273, a combination antibody regimen targeting lung inflammation in asthma with similar dosing schedules.
3. Financial Impact and Valuation
The acquisition will reduce adjusted EPS by roughly $0.14 in 2026 and $0.46 in 2027 before turning accretive in 2032. Debt financing backs the purchase, and Apogee’s cash and marketable securities lower the net implied transaction value to about $10.1 billion.
