ABBVIE INC (=) : AbbVie to acquire Apogee (~$10B transaction value)

Research evidence excerpt

ABBVIE INC (=) : AbbVie to acquire Apogee (~$10B transaction value)

EQUITIES

PHARMACEUTICALS

ABBVIE INC NEUTRALPRICE* USD216.5  TARGET PRICE USD218 (UPSIDE 1%)

FLASH NOTE

AbbVie to acquire Apogee (~$10B transaction value)

22 JUNE 2026 Securities Research Report Production time: 14:20* (London time)

Research Analyst & Publishing Entities

Navann Ty, CFA BNP Paribas Securities Corp (1) +(1) 917 749 7734 navann.ty@us.bnpparibas.com

What happened?

AbbVie announced the acquisition of Apogee Therapeutics (NC) for ~$10.9B total equity value (implied transaction

value of ~$10.1B net of estim. cash & marketable securities acquired) with most of the deal value related to Apogee’s

lead asset Zumilokibart in atopic dermatitis (AD).

The purchase price of $135.11 per share represents a ~49% premium to APGE closing price on June 18, 2026. AbbVie

will fund the all-cash transaction with debt. This transaction is expected to close in 3Q26, subject to customary closing

conditions (incl. Apogee shareholder approval and regulatory approvals). AbbVie will host an investor conference at 9

am ET to discuss the transaction and acquisition timeline, accessible via webcast here.

Zumilokibart (APG777) is a late-stage, half-life extended monoclonal antibody targeting IL-13, which has demonstrated

potential best-in-class efficacy in Phase 2 study in AD. Modest deal value relates to APG273 given early stage of

development, a novel bispecific-like combination that co-delivers zumilokibart with APG333, an anti-TSLP antibody

proven to suppress type-2 inflammatory markers for up to six months in Phase 1.

BNPP View:

We view the transaction positively and expect a positive ABBV stock reaction in light of 1. LOEs at the end of the decade

(Imbruvica, Skyrizi and Vraylar) and 2.