AbbVie is preparing to acquire a dermatitis drug developer for $11 billion — FT

The pharmaceutical company AbbVie is close to finalizing a deal to acquire the biotechnology company Apogee Therapeutics for nearly $11 billion. The deal could be announced as early as June 22, according to sources cited by the Financial Times.

The $10.9 billion deal is expected to be paid entirely in cash. According to the publication’s sources, the offer represents a premium of about 60% over Apogee’s closing share price on Thursday, June 18.

Representatives from both companies did not respond to requests for comment from the Financial Times.

The acquisition will be one of AbbVie’s largest since it bought Allergan in 2019, according to Bloomberg. The company aims to strengthen its portfolio of drugs for treating inflammatory diseases—one of its key business areas. Of particular interest to AbbVie is zumilokibart, a drug Apogee is developing to treat atopic dermatitis. The drug is seen as a potential competitor to Dupixent—one of French company Sanofi’s best-selling drugs. In its clinical trials, Apogee is testing a regimen of zumilokibart injections administered every three to six months, whereas Dupixent must be taken every two weeks. In May, investment firm Blackstone provided Apogee with up to $1.3 billion in funding to further develop the drug, Bloomberg reports.

In April, AbbVie raised its forecast for fiscal year 2026 following a strong quarter that exceeded expectations. One of the main factors was growth in the immunology division, which produces the drugs Humira and Skyrizi.

Shares of Apogee, which went public in 2023, have risen 115% over the past 12 months, while AbbVie’s shares have gained about 17%.

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