FT Reporting that ABBV is in advanced talks to acquire Apogee Therapeutics for ~$11bn

Research evidence excerpt

FT Reporting that ABBV is in advanced talks to acquire Apogee Therapeutics for ~$11bn

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A Nneetu.jhamb@jpmorgan.com

J.P. Morgan Securities LLC 20 June 2026

FT Reporting that ABBV is in advanced talks to acquire Apogee

Therapeutics for ~$11bn

Neetu Jhamb

(212) 622 5042

Yesterday the FT reported that ABBV is in advanced talks to acquire Apogee Therapeutics for ~$11bn. See below for an

Overview of Apogee and comments from our sector specialist and research analyst Chris Schott.

Overview:Apogee Therapeutics is a clinical-stage biotechnology company advancing novel biologics with potential for

differentiated efficacy and dosing in the largest I&I markets, including for the treatment of AD, asthma, EoE, COPD and other

I&I indications. Apogee’s antibody programs are designed to overcome limitations of existing therapies by targeting well-

established mechanisms of action and incorporating advanced antibody engineering to optimize half-life and other properties.

Zumilokibart (APG777), the company’s most advanced program, is being initially developed for the treatment of AD, which is

the largest and one of the least penetrated I&I markets, as well as asthma. With four validated targets in its portfolio, Apogee is

seeking to achieve best-in-class efficacy and dosing through monotherapies and combinations of its novel antibodies.

JP Morgan Research: AbbVie-Quick Thoughts On Potential Apogee Acquisition - Strong Strategic Fit, Builds Out Immunology

Pipeline (OW, covered by Chris Schott) Link

We believe this transaction would be a solid fit for AbbVie as it further builds out the company's pipeline in immunology / atopic

dermatitis.