AbbVie Acquires Apogee
AbbVie acquires Apogee Therapeutics in a $10.9 billion cash deal, expanding its immunology pipeline
On Monday, biopharmaceutical giant AbbVie Inc. (NYSE: ABBV ) agreed to acquire Apogee Therapeutics Inc. 9 billion. The deal comes as the largest after AbbVie acquired Botox maker Allergan for a massive $63 billion.
7 billion. " Analyst Matt Phipps further added that the timing of the acquisition allows AbbVie to meaningfully expand and accelerate the Phase 3 development of zumilokibart and reduce future potential royalties to Blackstone Life Sciences, and therefore, the move justifies the near-term dilution. 8% at week 16). The mega-blockbuster potential of zumilokibart ensures the company’s I&I franchise continues to see robust growth throughout the 2030s, with longer-term upside coming from fixed-dose combinations, including with the TSLP antibody APG33.
The deal highlights investors’ confidence in the long-term outlook for the company, and hence, William Blair reiterated an Outperform rating. In January, Apogee shared interim data from the Phase 1b trial of zumilokibart in patients with mild-to-moderate asthma. Robust and durable suppression of FeNO, a biomarker of Type 2 inflammation that has shown the strongest correlation with exacerbations in asthma, following a single dose. 88 at the time of publication on Tuesday, Read Also: Backblaze Stock Rises After $335 Million Five-Year Storage Deal With CoreWeave Photo: Shutterstock