AbbVie agreed to acquire Apogee Therapeutics for $10.9 billion in cash, betting that Apogee’s long-acting IL-13 inhibitor zumilokibart can expand in immunology beyond atopic dermatitis. The deal values Apogee at $135.11 per share, about a 50% premium. Apogee’s lead program is positioned as potentially dosed every three to six months. In atopic dermatitis, the company previously reported Phase 2 Part B data showing the trial met endpoints, and Apogee planned to advance into Phase 3 with the mid-dose after regulatory feedback. For AbbVie, the acquisition adds a late-stage asset intended to complement its existing immunology franchise as it faces patent-related revenue pressure. Analysts also framed the move as a way to secure a differentiated biologic mechanism and defend share in inflammatory indications.