AbbVie on Monday said it would buy Apogee Therapeutics, the developer of immunology drugs, for $10.9 billion in cash, continuing a run in which pharma companies have been scooping up biotechs.
The deal values Apogee at $135.11 per share, a roughly 50% premium on its previous closing price. The Financial Times reported last week the deal was in the works.
Apogee’s lead drug, called zumilokibart, could be a long-lasting option for patients with a range of inflammatory diseases. It’s being tested in atopic dermatitis and, in combination with another experimental medicine, in asthma. The drug, which targets an inflammatory cytokine called IL-13 that drives a number of conditions, could be given to patients just two to four times a year after they start treatment.
