AbbVie has agreed to acquire Apogee Therapeutics for $10.9 billion in cash, valuing the clinical-stage biotech at $135.11 per share. The deal centers on zumilokibart (APG777), a half-life extended IL-13 antibody developed for atopic dermatitis (AD) and asthma. AbbVie positioned the acquisition as a way to bolster immunology and expand into respiratory indications. Apogee reported Phase 2 APEX results showing significant skin clearance at 16 weeks and plans to move the lead dose into Phase 3 in 2H 2026, following regulatory feedback. The company also previously completed a $1.3 billion strategic financing to support the Phase 3 program, including royalty financing structures and senior corporate debt. For the market, the acquisition highlights continued mega-cap interest in later-stage immunology assets after patent-driven revenue shifts. It also increases competitive pressure in AD and potentially asthma if dosing and durability translate in advanced trials.