AbbVie Inc.: FT reports AbbVie nearing ~$10.9bn acquisition of Apogee Therapeutics

Research evidence excerpt

AbbVie Inc.: FT reports AbbVie nearing ~$10.9bn acquisition of Apogee Therapeutics

Equity Research

U.S. Biopharmaceuticals

21 June 2026

AbbVie Inc.

FT reports AbbVie nearing

~$10.9bn acquisition of Apogee First Look

ABBV OVERWEIGHTTherapeutics

U.S. Biopharmaceuticals NEUTRAL

With no incremental updates as of Sunday night, we believe Price Target USD 275.00

the potential deal rationale likely reflects a combination of Price (18-Jun-26) USD 216.49

competitive AD efficacy, dosing convenience, and portfolio PotentialSource: Bloomberg,Upside/DownsideBarclays Research +27.0%

synergy with Rinvoq. The deal is strategically aligned with

U.S. BiopharmaceuticalsAbbVie's focus on building its next-gen Immunology franchise

Emily Field, CFA

+1 212 526 4160

The News: As reported by the FT on Friday, AbbVie could acquire Apogee (APGE; not covered) emily.field@barclays.com

for approximately $10.9bn, a ~60% premium to Thursday's closing price (6/18/26; US markets BCI, US

closed 6/19/26). In our view, the potential deal would add a P3-ready, long-acting biologic in Xiao Guo

atopic dermatitis (AD) to ABBV's portfolio; AD is a large, under-penetrated area of immunology +1 212 526 9609

where the company lacks a 1L approved and/or late-stage pipeline asset (Rinvoq is approved in xiao.guo@barclays.com

biologic-refractory AD). APGE's lead asset, zumilokibart, is a long-acting anti-IL-13 mAB which is BCI, US

set to start P3 in AD in 2H26. Alexandre Bouilloux

+1 212 526 9937

Would it be somewhat incongruous for ABBV to be pursuing APGE, built on the same Paragon

alexandre.bouilloux@barclays.com

Therapeutics (private, not covered) YTE Fc extended half-life platform, given how it's BCI, US

downplayed the competitive threat in psoriasis to Skyrizi from ORKA? We do not believe so,