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AbbVie said Monday it agreed to acquire Apogee Therapeutics for $10.9 billion in cash. 

Why it matters: The deal gives AbbVie a credible challenger to Sanofi's blockbuster Dupixent in atopic dermatitis.

Follow the money: AbbVie will pay $135.11 per share, a 49.5% premium to Apogee's closing price of $90.38 on Thursday. 

It follows Blackstone agreeing in May to provide Apogee with up to $1.3 billion in non-dilutive financing to advance zumilokibart, including up to $800 million in exchange for royalties on future sales.

State of play: Apogee plans to start Phase 3 trials of its dermatitis drug candidate zumilokibart in the second half of the year, per its website. 

The drug candidate has demonstrated strong efficacy, as well as more convenient dosing, meaning it may require less frequent injections than Sanofi's Duxipent.

Duxipent generated $17.8 billion in global net sales last year, up 26% from 2024.

Context: AbbVie's Humira lost patent exclusivity in 2023. Its current pipeline is led by Skyrizi and Rinvoq expansions, plus late-stage bets across immunology, oncology, neuroscience and eye care. 

Monday's deal represents one of AbbVie's largest acquisitions since it bought Allergan for about $63 billion, excluding debt, in 2020. 

Zoom out: It's been an incredibly active year for biotech M&A as Big Pharma looks to offset patent losses and capitalize on improved market conditions. 

What's next: The deal will close in Q3, pending regulatory approval. 

AbbVie strikes $10.9B deal for Apogee Therapeutics

It gives AbbVie a credible challenger to Sanofi's blockbuster dermatitis drug Dupixent.

Illustration of people shaking hands with pill bottles as sleeves.

AbbVie said Monday it agreed to acquire Apogee Therapeutics for $10.9 billion in cash. Why it matters: The deal gives AbbVie a credible challenger to Sanofi&#x27;s blockbuster Dupixent in atopic dermatitis.

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AbbVie strikes $10.9B deal for Apogee Therapeutics

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