AbbVie to Buy Apogee Therapeutics in $10.9 Billion All-Cash Deal
The acquisition adds clinical-stage immunology assets in atopic dermatitis and asthma, deepening AbbVie's respiratory pipeline.
AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) for $10.9 billion in cash, paying $135.11 a share and offering a roughly 49% premium to the target's closing price on June 18, 2026. The transaction is expected to close in the third quarter of 2026, subject to Apogee shareholder approval, regulatory clearances and other customary conditions.
The deal deepens AbbVie's immunology franchise by adding what the company described as highly differentiated clinical-stage assets in atopic dermatitis and asthma, two areas where patient demand for new therapies remains substantial. AbbVie said the acquisition accelerates its clinical presence in the respiratory space and complements its existing portfolio of inflammatory-disease medicines.
"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, AbbVie's chairman and chief executive officer. "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".
The all-cash structure eliminates equity-dilution risk for AbbVie shareholders and signals the company's confidence in Apogee's pipeline, which spans clinical-stage programs targeting inflammatory conditions with large addressable markets. AbbVie has spent the past several years broadening its immunology reach beyond its flagship Humira franchise, investing in next-generation assets such as Skyrizi and Rinvoq while pursuing bolt-on acquisitions to fill pipeline gaps.
The Apogee transaction follows a string of large immunology-focused deals across the biopharmaceutical sector. Biogen completed its acquisition of Apellis Pharmaceuticals in May 2026 for $41 a share in cash plus contingent value rights, a deal valued at roughly $5.6 billion that added commercialized complement-driven medicines and expanded Biogen's nephrology footprint. AbbVie itself has been an active acquirer, having previously struck agreements to buy Cerevel Therapeutics and Capstan Therapeutics as it reshapes its portfolio around high-growth therapeutic areas.
Completion of the Apogee deal hinges on approval by the target's shareholders and standard regulatory reviews. AbbVie said its deep scientific expertise and proven capabilities position it to rapidly advance Apogee's clinical programs and continue to transform the standard of care in inflammatory diseases.