AbbVie to Buy Apogee for $10.9 billion
AbbVie to Buy Apogee for $10.9 billion adds late-stage IL-targeting antibody and shifts trader focus to debt funding, credit targets and shareholder vote.
KEY TAKEAWAYS
- AbbVie agreed to buy Apogee for $10.9 billion at $135.11 per share.
- AbbVie will fund the deal with debt while keeping its dividend and targeting A2/A- and ~2x leverage.
- The transaction is expected to be accretive to adjusted diluted EPS beginning in 2032; closing expected 3Q 2026.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
AbbVie Inc. will acquire Apogee Therapeutics in an all-cash deal announced on June 22, 2026, adding the late-stage IL-13 antibody zumilokibart and the combo candidate APG273 to its immunology pipeline. The company projects the transaction will boost adjusted diluted earnings per share (EPS) starting in 2032.
Deal Terms, Pipeline Fit, and Financing
AbbVie agreed to acquire all outstanding Apogee common stock for $135.11 per share, valuing the transaction at about $10.9 billion. Both companies’ boards unanimously approved the deal, which is expected to close in the third quarter of 2026, pending Apogee shareholder and regulatory approvals.
AbbVie described Apogee as having a diverse pipeline of clinical-stage candidates targeting inflammatory and immunological diseases, including atopic dermatitis and asthma. The acquisition complements AbbVie’s existing immunology portfolio and accelerates its clinical presence in respiratory indications.
Apogee’s lead asset, zumilokibart (APG777), is a late-stage, half-life-extended monoclonal antibody targeting IL-13 for atopic dermatitis. Investor materials highlight positive Phase 2 data and potential dosing intervals of every 12 to 24 weeks. The companies also emphasize respiratory programs, including APG273, a long-acting combination of zumilokibart and APG333 targeting IL-13 and thymic stromal lymphopoietin (TSLP) for asthma.
AbbVie plans to fund the acquisition with debt while maintaining its current dividend policy. It aims to preserve an A2/A- credit rating and reach approximately 2 times net leverage within two to three years after closing. The company reiterated its expectation that the deal will be accretive to adjusted diluted EPS beginning in 2032.
Shareholder Vote and Litigation
Apogee filed a Form 8-K announcing a stockholder meeting to vote on the transaction. Halper Sadeh LLC has launched an investigation into whether Apogee shareholders are receiving a fair price, focusing on potential breaches of fiduciary duty related to price adequacy and process. No formal lawsuits or challenges have been disclosed.
