AbbVie agreed to acquire Apogee Therapeutics for about $10.9 billion in cash, aiming to extend its immunology pipeline with long-acting assets, led by zumilokibart (IL-13). The deal values Apogee at $135.11 per share, a roughly 50% premium, and positions the company to run Phase 3 studies for atopic dermatitis during the second half of the year. Zumilokibart is being tested in APEX (NCT06395948), where Apogee reported 16-week results showing skin clearance responses and meaningful itch improvements in atopic dermatitis. The program’s longer dosing interval is central to Apogee’s valuation thesis, with AbbVie also assessing combination potential in asthma through its pipeline. Beyond the headline valuation, the acquisition follows Apogee’s recent non-dilutive financing designed to fund a path to commercialization without immediate equity dilution. For AbbVie, the transaction is also framed as adding differentiated immunology opportunities ahead of expected biosimilar pressure on parts of its existing franchise. The combination of a late-stage dermatology lead and respiratory follow-on programs is likely to draw intense competition scrutiny as the market intensifies around infrequent dosing schedules and biologics with broader label expansion ambitions.