AbbVie deepens immunology push with $10.9bn Apogee swoop

AbbVie (ABBV) has agreed to buy Apogee Therapeutics (APGE) for $10.9bn, its largest acquisition in more than five years, as the pharmaceutical group looks to strengthen its pipeline of treatments for inflammatory diseases such as atopic dermatitis and asthma.

The deal, among the largest biotech transactions of the year, highlights the acceleration in pharma dealmaking as companies rush to shore up their portfolios ahead of a wave of patent expirations on blockbuster drugs.

AbbVie has turned to acquisitions to offset declining sales of Humira, its former top-selling drug, following the arrival of biosimilar competition, while it prepares for the loss of patent protection on immunology blockbusters Skyrizi and Rinvoq. Recent transactions include the $10.1bn purchase of ImmunoGen, maker of ovarian cancer drug Elahere, and the acquisition of Cerevel Therapeutics for its portfolio of experimental neurological and psychiatric treatments.

The Apogee deal gives AbbVie access to zumilokibart, an experimental therapy targeting a range of inflammatory conditions. If approved, the drug could extend AbbVie's position in immunology, its largest and fastest-growing business.

AbbVie's immunology franchise generated more than $30bn in revenue in 2025, up 14 per cent on the previous year, as strong growth from Skyrizi and Rinvoq offset a 49 per cent decline in Humira sales.

Robert Michael, AbbVie's chief executive, described the acquisition as an "excellent fit" with the company's strategy, adding that Apogee's pipeline had the potential to reach "mega-blockbuster" status, which the company defines as annual sales exceeding $10bn.

AbbVie has offered $135.11 a share for Apogee, a premium of about 49.5 per cent to the stock's closing price on Thursday. The company said the acquisition would be funded through debt.

Shares in Apogee, based in Waltham, Massachusetts, rose 50 per cent in early trading, while AbbVie stock gained 4.6 per cent.

Chris Schott, an analyst at JPMorgan, said the deal was likely to be well received by investors who have been seeking additional late-stage growth assets.

Analysts noted that zumilokibart could offer a more convenient alternative to Dupixent, the blockbuster drug developed by Sanofi (SASY) and Regeneron (REGN). Unlike Dupixent, which is typically administered every two weeks for atopic dermatitis, zumilokibart is being tested as a subcutaneous injection given once every three or six months — a considerably lower dosing frequency.

Brian Abrahams, an analyst at RBC Capital Markets, said the deal made sense and that AbbVie was "an ideal acquirer to maximise zumilokibart's potential."

The transaction is expected to close in the third quarter and to be accretive to adjusted earnings per share in 2032, AbbVie said.