AbbVie (NYSE:ABBV) announced on Monday that it has agreed to acquire Apogee Therapeutics (NASDAQ:APGE) for $10.9 billion, marking its largest acquisition in more than five years and reinforcing its commitment to expanding its next-generation immunology pipeline.
The transaction ranks among the biggest biotechnology deals of 2026 and highlights continued consolidation across the pharmaceutical sector as companies seek new growth opportunities ahead of major patent expirations.
Acquisition Adds Promising Immunology Asset
The deal gives AbbVie ownership of Apogee’s lead development candidate, zumilokibart, an experimental therapy being evaluated for several inflammatory diseases, including moderate-to-severe atopic dermatitis and asthma.
The acquisition is intended to strengthen AbbVie’s long-term position in immunology as the company prepares for future patent challenges affecting some of its largest products.
AbbVie Continues Strategy of Replacing Aging Blockbusters
AbbVie has been actively pursuing acquisitions to diversify its revenue base following the loss of exclusivity for Humira and in preparation for future patent expirations affecting Skyrizi and Rinvoq.
Recent transactions have included the acquisition of ImmunoGen for approximately $10.1 billion, which added ovarian cancer treatment Elahere, as well as the purchase of Cerevel Therapeutics and its portfolio of neurological and psychiatric therapies.
The Apogee acquisition continues that strategy by adding a late-stage immunology asset with significant commercial potential.
Analysts See Strong Strategic Rationale
Market analysts largely viewed the transaction as a logical fit for AbbVie’s existing business.
“We believe the deal makes sense and that AbbVie is an ideal acquirer to maximize zumilokibart’s potential,” RBC Capital Markets analyst Brian Abrahams said.
Abrahams noted that Apogee had frequently been considered a potential takeover candidate because of the drug’s differentiated dosing schedule and exposure to the expanding atopic dermatitis market.
Premium Offer Sparks Rally in Apogee Shares
Under the terms of the agreement, AbbVie will pay $135.11 for each Apogee share.
The offer represents a premium of approximately 49.49% to Apogee’s closing share price on Thursday.
Following the announcement, Apogee shares surged 47% in premarket trading, while AbbVie stock rose 1.5%.
Zumilokibart Could Challenge Existing Market Leaders
If approved, zumilokibart is expected to enhance AbbVie’s portfolio of treatments for immune-mediated diseases while potentially offering patients a more convenient dosing schedule than competing therapies.
The drug is being positioned as a potential alternative to the widely used Dupixent, marketed by Sanofi and Regeneron.
Unlike Dupixent, which is generally administered every two weeks for atopic dermatitis patients, zumilokibart is currently being studied as a subcutaneous injection delivered once every three or six months.
The substantially reduced dosing frequency could become a key competitive advantage if clinical development remains successful.
Immunology Remains AbbVie’s Largest Growth Engine
AbbVie’s immunology business generated more than $30 billion in revenue during 2025, an increase of 14% from the previous year.
Strong growth from Skyrizi and Rinvoq helped offset a 49% decline in Humira sales as competition from biosimilars intensified.
The company believes adding zumilokibart will further strengthen the franchise and support long-term growth beyond the current generation of blockbuster therapies.
Transaction Expected to Close This Year
AbbVie expects the acquisition to be completed during the third quarter, subject to customary regulatory approvals and closing conditions.
The company said the transaction is projected to contribute positively to adjusted earnings per share beginning in 2032, reflecting the longer-term commercial opportunity associated with the acquired asset.