AbbVie agreed to buy Apogee Therapeutics in a roughly $10.9 billion cash deal, taking the atopic dermatitis and asthma-focused pipeline into its immunology franchise. The centerpiece is zumilokibart (APG777), a long-acting anti–IL-13 monoclonal antibody in Phase 2 APEX data, with asthma development also supported by additional combo programs. The transaction follows Apogee’s recent strategic financing that tied non-dilutive capital structures to late-stage development needs for zumilokibart. AbbVie framed the acquisition as an expansion of its long-acting anti-inflammatory approach as it navigates patent-driven pressure on existing franchises. For Apogee, the deal positions its antibody programs for scale under a large pharma commercial and development engine, while for AbbVie it adds a potential twice-to-several-times-yearly dosing model in inflammatory disease beyond dermatitis. The move also reinforces how the market is rewarding clinical-stage immunology assets with late-phase trial readiness—particularly those targeting IL-13 pathways for skin and respiratory indications.