APGE to Be Acquired by ABBV; Downgrade to Hold and PT to $135

Research evidence excerpt

APGE to Be Acquired by ABBV; Downgrade to Hold and PT to $135

Deutsche Bank

Research

Rating Company Date

Hold Apogee Therapeutics, 22 June 2026

Inc.

North America Reuters Bloomberg Rating Hold

United States APGE.OQ APGE US Price target (USD) 135.00 Price at 18 Jun 26 90.38

51-week range 92.20 – 34.65

Health Care

BioPharma Valuation & Risks

APGE to Be Acquired by ABBV; Downgrade

to Hold and PT to $135 DavidResearchHoang,AnalystM.D., Ph.D.

+1-212-250-1184

Key Takeaways

Sam Beck Following today’s announcement that ABBV intends to acquire APGE, we are Research Associate

downgrading shares of APGE to Hold (from Buy) and raising our PT to $135 (from +1-929-354-4311

$116), to reflect the total transaction value of $10.9 billion ($135.11 per share).

The acquisition is an all-cash transaction, which ABBV has stated will be financed

with debt. The deal has been unanimously approved by the boards of both

companies and represents a premium of 49% to APGE’s closing price on June 18, Key changes

2026. In response to the announcement, APGE shares have appreciated by ~47% Rating Buy Hold

in this morning’s trading to near the $135.11 offer price. The transaction is Price target (USD) 116 135 16%

expected to close in 3Q26, and we do not envision any significant obstacles to its Source: Deutsche Bank

closing from an FTC perspective. While other large pharma companies with a

stated interest in I&I and atopic dermatitis (AD) could be logical suitors (e.g., SNY

seeking to bolster its Dupixent franchise with 2031 LOE), we view a competing

bid for APGE as unlikely. The premium valuation of ABBV’s offer, combined with

its decades of commercial leadership in immunology, indicates that APGE may be

more valuable to ABBV than to other potential buyers. Overall, we believe this is