Apogee Therapeutics: APGE acquired by ABBV; Move to No Rating

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Apogee Therapeutics: APGE acquired by ABBV; Move to No Rating

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Apogee Therapeutics

APGE acquired by ABBV; Move to No

Rating

Rating Change: NO RATING | PO: NA | Price: 90.38 USD

AbbVie to acquire Apogee for $10.9bn in cash 22 June 2026

APGE announced today they have entered into a definitive agreement with AbbVie Equity

(ABBV, covered by Jason Gerberry) to be acquired for $135.11/sh in cash, or ~$10.9bn in

equity value. The Board of Directors of both companies have unanimously approved the

Key Changestransaction, and it is expected to close in 3Q26. With APGE’s long-acting (Q3M/Q6M) IL-

13 antibody zumilokibart currently in clinical studies across multiple inflammatory (US$) Previous Current

indications, ABBV states strategic alignment with complementing their current Inv. Opinion C-1-9 -6-

immunology portfolio while accelerating their presence in the respiratory space. Given Inv. Rating BUY NO RATING

APGE is no longer trading on fundamentals, we move to No Rating. Investors should no Price Obj. 131.00 NA

longer rely on our prior Rating or Price Objective.

Tazeen Ahmad

Zumilokibart phase 3 initiation 2H26; launch in ‘30 ResearchBofAS Analyst

APGE’s lead asset zumilokibart is expected to initiate 3 phase 3 studies in atopic tazeen.ahmad@bofa.com

dermatitis in 2H26: two monotherapy studies and one topical corticosteroid (TCS) Daniel Giraldo

Research Analyst

combo study. Readouts for the monotherapy studies are expected in 1H28, and 2H28 for BofAS

the TCS study, to support a potential launch in 2030. We recently hosted APGE’s daniel.giraldoperez@bofa.com

management to discuss their development and commercial strategies for zumilokibart Jeremiah Lorentz

(see 6/11 note), and the potential for zumilokibart as a best-in-class therapy in atopic BofAS