STAT+: AbbVie to buy Apogee Therapeutics in nearly $11B deal

AbbVie announced on Monday that it will acquire Apogee Therapeutics, a developer of immunology drugs, for $10.9 billion in cash. This acquisition continues a trend of pharmaceutical companies acquiring biotechnology firms. The deal values Apogee Therapeutics at $135.11 per share, representing a premium of approximately 50% over its prior closing price. The Financial Times had reported last week that negotiations for this deal were underway. Apogee's primary drug candidate, zumilokibart, is being developed as a potentially long-acting treatment for various inflammatory diseases. It is currently undergoing testing for atopic dermatitis and, in conjunction with another experimental medication, for asthma. Zumilokibart targets the inflammatory cytokine IL-13, which is implicated in numerous conditions, and could potentially be administered to patients only two to four times annually after initial treatment.