AbbVie Nears $10.9 Billion Acquisition of Apogee Therapeutics for Long-Acting Atopic Dermatitis Drug
核心洞察
AbbVie (搜索) is reportedly nearing a deal to acquire Apogee Therapeutics for approximately $10.9 billion in cash, representing a roughly 60% premium to Apogee's closing share price.
Apogee's lead asset, zumilokibart (搜索), is a long-acting IL-13 (搜索) inhibitor set to enter Phase 3 trials later this year for atopic dermatitis (搜索), positioning it as a potential competitor to Dupixent.
The acquisition would strengthen AbbVie (搜索)'s inflammatory disease portfolio as the company works to offset revenue losses following Humira's recent loss of patent protection.
AbbVie (搜索) is reportedly nearing a deal to acquire Apogee Therapeutics for approximately $10.9 billion in cash, according to a Financial Times report citing people familiar with the matter. The acquisition would give AbbVie access to zumilokibart (搜索), a long-acting treatment for atopic dermatitis (搜索) that is poised to enter Phase 3 clinical trials later this year. The deal, if completed, would rank among the largest pharmaceutical acquisitions of 2025 and 2026.
The proposed transaction would value Apogee at a roughly 60% premium to its closing share price of $90.38 on Thursday. Shares of Apogee have gained approximately 20% year-to-date, with a market capitalization of about $6.81 billion, according to LSEG data. An announcement could come as early as Monday, provided negotiations conclude without last-minute complications.
Zumilokibart (搜索): A Potential Dupixent Competitor
Zumilokibart (搜索) works by blocking IL-13 (搜索), the protein that drives the inflammatory cascade in eczema. The drug is being developed as a long-acting therapy, which Apogee is betting represents a meaningful improvement over existing options. If approved, zumilokibart would compete directly with Dupixent, the IL-4 and IL-13 inhibitor marketed by Regeneron Pharmaceuticals and Sanofi that ranks among the world's top-selling drugs across multiple inflammatory indications, including atopic dermatitis (搜索) and chronic obstructive pulmonary disease.
"Zumilokibart (搜索) could fill an important niche in the evolving atopic dermatitis (搜索) landscape," said BMO Capital Markets analyst Evan David Seigerman.
The addressable patient population is substantial. Approximately 16 million adults and 10 million children in the United States have atopic dermatitis (搜索), a form of eczema, according to the National Eczema Association. Atopic dermatitis rates are increasing, particularly among children.
Strategic Rationale for AbbVie (搜索)
AbbVie (搜索) has long been synonymous with Humira, the rheumatoid arthritis drug that was once the world's top-selling medicine. With Humira having only recently lost patent protection, the company faces pressure to reinforce its pipeline and satisfy investor expectations. According to Seigerman, a deal to acquire Apogee would provide solid footing for AbbVie given its deep expertise in developing and commercializing therapies for a range of inflammatory conditions.
The acquisition would also complement AbbVie (搜索)'s recent regulatory success. The company recently won FDA approval for pivekimab sunirine-pvzy, a treatment for a rare blood cancer, further bolstering its pipeline.
Financing and Deal Context
Apogee, a biotechnology company founded in 2022 and based near Boston, last month secured a financing package worth up to $1.3 billion from Blackstone Life Sciences to support the late-stage development and potential commercialization of zumilokibart (搜索). The AbbVie (搜索) deal would be one of the largest pharmaceutical acquisitions in the current period, following Sun Pharma's $11.8 billion acquisition of Organon and GSK's $10.6 billion purchase of Nuvalent.
AbbVie (搜索)'s stock is down 6% this year, while Apogee's shares have gained 20%. AbbVie and Apogee did not immediately respond to requests for comment; AbbVie's U.S. offices were closed in observance of Juneteenth.