AbbVie bets $10.9 billion on Apogee in next-generation immunology growth push

Sheldon Cooper | Lightrocket | Getty Images AbbVie said on Monday it would buy biotech Apogee ⁠Therapeutics for $10.9 billion, in its largest buyout in more than ​five years ​as it ​looks to strengthen its next-gen immunology pipeline. The acquisition, one of the largest biotech deals of the year, ⁠underscores ‌the surge in pharmaceutical dealmaking, ⁠as companies race to build their portfolios ahead of looming patent expirations on blockbuster treatments. AbbVie has offered $135.11 per Apogee ‌share held, which implies a 49.49% premium to the stock's Thursday close. Shares of ​Apogee surged 48% to $133.77 in premarket trading, while AbbVie was up 1.3%. The acquisition gives AbbVie access to Apogee's lead ⁠drug candidate, zumilokibart, an experimental treatment targeting a range of ‌inflammatory diseases, including moderate-to-severe atopic dermatitis ‌and asthma. If approved, zumilokibart will fortify and complement AbbVie's immunology and inflammatory diseases portfolio, while also offering ⁠a potentially more convenient option to Sanofi and Regeneron's ⁠blockbuster Dupixent. Unlike Dupixent, which is ⁠typically administered every two weeks in atopic dermatitis, zumilokibart is being studied as ​a subcutaneous injection given once ‌every three or six months, likely offering a substantial reduction in dosing frequency. AbbVie said the transaction is expected to close in the third quarter ​and add to its adjusted ‌earnings per share in 2032.