NORTH CHICAGO, June 22, 2026, 07:02 (CDT)
- AbbVie is picking up Apogee Therapeutics for $135.11 a share in cash. The deal puts a roughly $10.9 billion price tag on the biotech.
- The deal brings in zumilokibart, an experimental long-acting drug aimed at atopic dermatitis, a chronic inflammatory skin condition, and other immune diseases. Atopic dermatitis is also known as eczema.
- Apogee shares jumped ahead of the U.S. open. The deal still requires a sign-off from Apogee shareholders and regulators.
AbbVie said Monday it’s buying Apogee Therapeutics for $10.9 billion in cash, making this its largest deal since 2019. The company is looking to strengthen its immunology pipeline with Apogee’s long-acting immune-disease drugs. AbbVie and Apogee put out a joint release on the agreement, according to a securities filing. They expect the deal to close in the third quarter of 2026.
It’s not a coincidence. Big pharma is stepping up biotech deals as expiring patents hit old blockbuster drugs, with over $200 billion in healthcare M&A announced this year, according to LSEG figures reported by the Financial Times.
AbbVie’s deal comes as the company continues its shift from Humira to new drugs Skyrizi and Rinvoq. Immunology sales were up 16.4% in the first quarter to $7.29 billion. Skyrizi brought in $4.48 billion and Rinvoq had $2.12 billion. Humira sales dropped 38.6% to $688 million.
AbbVie is buying Apogee for $135.11 a share, Reuters reported, nearly 50% over Apogee’s Thursday close. Apogee stock jumped 48% to $133.77 before the bell. AbbVie traded 1.3% higher.
Zumilokibart, or APG777, is the key asset. The monoclonal antibody targets IL-13, which is tied to inflammation in atopic dermatitis and asthma. In May, Apogee said 65.9% of patients on a mid-dose of the drug in its Phase 2 study hit EASI-75, a 75% jump in eczema severity scores. That compared to 23.4% on placebo.
AbbVie chairman and CEO Robert Michael called Apogee’s clinical-stage assets “highly differentiated,” noting the focus on atopic dermatitis and asthma. Apogee CEO Michael Henderson said the deal will help its programs “reach their full potential.” AbbVie News Center
Zumilokibart is being trialed with maintenance dosing every three or six months, while Dupixent is given every two weeks for atopic dermatitis, Reuters said. Dupixent, which Sanofi and Regeneron sell, is already a big seller. The longer interval for zumilokibart is a key talking point to physicians and patients.
JPMorgan analysts called the deal a “solid fit” for AbbVie, saying it expands AbbVie’s immunology and atopic dermatitis lineup. They added that AbbVie could lean on its “historic strength in immunology” to commercialize the drug if it gets approval. Investing.com
Apogee’s strategy shifts with the deal. Fewer than four weeks ago, the biotech said it secured up to $1.3 billion in funding from Blackstone Life Sciences. That includes up to $800 million linked to a synthetic royalty, meaning Blackstone would get a share of future zumilokibart sales if the drug reaches market after Phase 3.
There’s a catch. Zumilokibart still isn’t approved, and AbbVie’s filing flagged that early Phase 2 and Phase 1b results may not hold up in bigger, later-stage trials. AbbVie also listed Apogee shareholder sign-off, regulatory sign-offs, legal issues and risks around integration as hurdles.
The price is key here because AbbVie isn’t picking up a finished product. It’s paying upfront for a clinical profile, a dosing approach, and a market it knows. The bet is clearer than it is easy to back. If Phase 3 holds up, AbbVie could get a new immunology asset. If not, the company ends up paying a premium just to protect its franchise before seeing all the data.
