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AbbVie on Monday said it would buy Apogee Therapeutics, the Waltham developer of immunology drugs, for $10.9 billion in cash, continuing a run in which pharmaceutical companies have been scooping up biotechs.
The deal values Apogee at $135.11 per share, a roughly 50 percent premium on its previous closing price. The Financial Times reported last week the deal was in the works.
Apogee’s lead drug, called zumilokibart, could be a long-lasting option for patients with a range of inflammatory diseases. It’s being tested in atopic dermatitis and, in combination with another experimental medicine, in asthma. The drug, which targets an inflammatory cytokine called IL-13 that drives several conditions, could be given to patients just two to four times a year after they start treatment.
Studies have indicated that zumilokibart could offer patients with atopic dermatitis comparable skin and itch relief to existing drugs but with a more convenient dosing schedule.
“This transaction reflects the strength of Apogee’s vision, our team’s dedication and the significant progress we’ve made advancing zumilokibart, and our differentiated pipeline,” Apogee chief executive Michael Henderson said in a statement.
Apogee’s focus on inflammatory diseases fits with AbbVie’s history of developing drugs for such conditions, including Humira and Skyrizi.
“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,” AbbVie chief executive Robert Michael said in a statement. “The acquisition of Apogee further builds on our existing leadership, strengthening our ability to deliver innovative medicines to patients who need better options.”
Large- and medium-sized pharmaceutical companies have picked up their pace of acquisitions in recent months as several of them face patent cliffs for their top sellers in the coming years. More blockbuster purchases have occurred so far this year than in all of 2025.
The AbbVie-Apogee deal is expected to close in the third quarter.