Acquiring Apogee, bolstering immunology pipeline

Research evidence excerpt

Acquiring Apogee, bolstering immunology pipeline

Update

June 22, 2026 02:24 PM GMT

Morgan Stanley & Co. LLCMAbbvie Inc. | North America Terence C Flynn, Ph.D.

Equity Analyst

Acquiring Apogee, bolstering Terence.Flynn@morganstanley.comAlexander Yevdokimov, Ph.D. +1 212 761-2230

Research Associate

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

immunology pipeline Hailey Horowitz

Hailey.Horowitz@morganstanley.com +1 212 761-5264

ABBV announced on 6/22/2026 an agreement to acquire Apogee Therapeutics

Chris Yu, J.D., Ph.D.

(APGE, not covered) for ~$135.11/share in cash (vs. APGE’s 6/18 close of $90.38), Equity Analyst

implying total equity value of ~$10.9bn and transaction value of $10.1bn net of Chris.L.Yu@morganstanley.com +1 212 761-2535

Connor M Massari

cash (LINK), or a ~49% premium to APGE’s 6/18 close. The proposed acquisition Equity Analyst

would add zumilokibart/APG777, an anti-IL13 antibody (in Ph2 development for Connor.Massari@morganstanley.com +1 212 761-2417

Damien H Kerner

atopic dermatitis, see below), to ABBV’s immunology portfolio. Both boards have Research Associate

approved the transaction, with close expected in 3Q26 subject to regulatory and Damien.H.Kerner@morganstanley.com +1 212 761-3829

customary conditions. The deal is expected to be funded with debt and be ~$0.14 Morgan Stanley India Company Private Limited+

dilutive in 2026 (partial year) and ~$0.46 in 2027, with accretion beginning in 2032 Saket Agarwal

and significantly ramping over the long term. ABBV noted no change to its capital Saket.Agarwal@morganstanley.com +91 22 6995-4012

allocation priorities and in the slides committed to achieving a net leverage ratio of

2x within 2-3 years of deal closing. Abbvie Inc. (ABBV.N, ABBV UN)

Major Pharmaceuticals | United States of America