AbbVie agreed to buy Apogee Therapeutics for $10.9 billion in cash, staking on long-acting immunology assets led by IL-13–targeting antibody zumilokibart. The acquisition is structured to bolster AbbVie’s late-stage pipeline with a once-every-few-months option designed for atopic dermatitis and additional inflammatory indications. Apogee’s lead program is set for Phase 3 advancement after positive mid-dose Phase 2 data in atopic dermatitis, where a majority of patients achieved EASI-75 with placebo-adjusted benefit. The company has also lined up non-dilutive and debt-like financing to support the Phase 3 ramp and continued development. For AbbVie, the deal extends beyond near-term eczema and into a broader immunology franchise at a time when blockbuster portfolios face looming patent cliffs. For Apogee, it provides scale for late-stage execution and commercialization, while investors get a clearer path from clinical readouts to a diversified revenue platform.