AbbVie agrees $10.9bn Apogee Therapeutics deal

September 2026 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

September 2026 Issue

In one of the largest biotechnology transactions announced this year, US pharmaceutical group AbbVie has agreed to acquire Apogee Therapeutics in a deal valued at approximately $10.9bn.

Under the terms of the definitive agreement, AbbVie will purchase all outstanding Apogee shares for $135.11 per share in cash. The acquisition is designed to expand AbbVie’s position in immunology while strengthening its research and development capabilities in inflammatory and respiratory diseases.

The transaction gives AbbVie access to Apogee’s portfolio of clinical-stage drug candidates, which are being developed to treat a range of inflammatory and immune-mediated conditions. The company believes the acquisition will complement its existing immunology business and support long-term growth as demand increases for innovative therapies targeting chronic diseases.

A key attraction of the deal is Apogee’s lead asset, zumilokibart, a half-life-extended monoclonal antibody administered by subcutaneous injection. The therapy is being developed for patients with inflammatory diseases, including atopic dermatitis, and has attracted significant industry attention because of its potential dosing advantages and commercial prospects.

“This transaction reflects the strength of Apogee’s vision, our team’s dedication and the significant progress we have made advancing zumilokibart and our differentiated pipeline,” said Michael Henderson, chief executive of Apogee. “Since our founding, we have focused on developing transformative therapies for patients with inflammatory diseases while creating value for shareholders.”

In addition to zumilokibart, Apogee has developed a broader pipeline focused on validated inflammatory targets. These include APG333, an antibody designed to block thymic stromal lymphopoietin, a signalling protein that plays an important role in triggering inflammation in the lungs. The company is also advancing combination approaches aimed at treating respiratory and dermatological conditions.

“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,” said Robert A. Michael, chairman and chief executive of AbbVie. “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,” he continued. “With our deep scientific expertise and proven capabilities, we are uniquely positioned to rapidly advance these programmes and continue to transform the standard of care in inflammatory diseases.”

Both companies’ boards of directors have unanimously approved the proposed acquisition. In addition, Fairmount Funds Management LLC and Venrock Associates have entered into voting agreements supporting the transaction.

Morgan Stanley & Co. LLC is acting as financial adviser to AbbVie, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal adviser. Apogee is being advised financially by Jefferies LLC and Goldman Sachs & Co. LLC, with Kirkland & Ellis LLP acting as legal adviser.

The acquisition is expected to close during the third quarter of 2026, subject to customary closing conditions, including approval by Apogee shareholders and the receipt of required regulatory clearances.

“This transaction delivers substantial shareholder value and positions our programmes to reach their full potential,” added Mr Henderson. “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.”

The proposed acquisition underscores the continuing importance of dealmaking in the biotechnology sector as major pharmaceutical companies seek promising late-stage assets to support future growth. By combining AbbVie’s global commercial capabilities with Apogee’s emerging pipeline, the transaction could accelerate development programmes and expand treatment options for patients worldwide.

Fraser Tennant