AbbVie agreed to acquire Apogee Therapeutics for about $10.9B, targeting the atopic dermatitis drug candidate zumilokibart (APG777) as a potential long-acting immunology product with broader respiratory upside. The deal values Apogee at $135.11 per share in cash, a roughly 50% premium. Apogee’s pivotal positioning centers on IL-13 inhibition with a subcutaneous, half-life extended profile that could enable dosing every few months, after Part B Phase 2 APEX data supported plans for Phase 3. AbbVie also expects additional pipeline depth via combination programs including an asthma collaboration approach. The acquisition further strengthens AbbVie’s push beyond Humira after patent expiration risk, reinforcing the company’s focus on long-duration biologics. For biotech M&A, the transaction underscores continued pharma appetite for late-stage assets with a clear development-to-commercial path and differentiation on administration frequency.