AbbVie agreed to acquire Apogee Therapeutics for $10.9 billion in cash, paying $135.11 per share, a nearly 50% premium. The deal targets zumilokibart (APG777), a subcutaneous, half-life extended monoclonal antibody against IL-13, positioned to expand AbbVie’s immunology franchise. Apogee’s zumilokibart is in Phase 2 APEX development for moderate-to-severe atopic dermatitis, with recently disclosed 16-week data showing skin clearance and improvements in itch and disease control. The company plans to advance to Phase 3 during the second half of this year, focusing on the mid-dose arm that showed the strongest activity in the trial. Apogee also reported a $1.3 billion strategic financing only weeks before the acquisition, structured as non-dilutive synthetic royalty funding and senior corporate debt to support later-stage development, including a Phase 3 push. AbbVie framed the transaction as a way to reinforce dermatology leadership and accelerate into respiratory and inflammatory disease programs linked to IL-13 biology. Analysts cited the long-acting dosing profile as a key differentiator that could translate into competitive positioning against established IL-13 or broader immunology regimens, while adding a pipeline set designed to address multiple inflammatory indications beyond eczema.