Healthcare Pulse Check: Euro Credit Sector Update

Research evidence excerpt

Healthcare Pulse Check: Euro Credit Sector Update

J P M O R G A N Europe Credit Research

07 July 2026

Healthcare Pulse Check: Euro

Credit Sector Update

Newsflow recap: M&A resurfaces

Europe Corporate Credit -

Healthcare, Transportation and

Sustainable Investing

Danielle Ward, CFA AC

(44-20) 7742-7344

danielle.x.ward@jpmorgan.com

As we highlighted in our European Healthcare Mid-Year Outlook published last

Adeline Z Kwok, CFA

week, M&A headlines have begun to pick up, and we recap some of the notable

(44 20) 7134 0302

transactions (and reported interest) from the last couple of weeks below. adeline.zinhe.kwok@jpmorgan.com

Erik Wolf

Acquisition headline round-up: (44 20) 3493-4385

erik.x.wolf@jpmorgan.com

• ABBV (N €) announced the acquisition of Apogee Therapeutics, a clinical- J.P. Morgan Securities plc

stage biotech company developing immunology and respiratory treatments,

for a total equity value of $10.9bn ($10.1bn EV), to be funded with debt (22-

Jun). The company expects to retain financial flexibility for further business

development and is committed to achieving net leverage of 2x within 2-3 years

of closing the transaction (completion is expected in Q326). Following the

announcement, both Moody’s and S&P affirmed the company’s ratings and

outlooks (A2/Stable and A-/Positive respectively) with Moody’s saying the

impact is anticipated to be immaterial to the credit profile (adjusted leverage

will remain in the high 2x range, as of Mar’26, assuming the payment is fully

debt-funded). Meanwhile, S&P believes ABBV could pursue $10-20bn of

M&A per year and still maintain leverage below 2.5x; if a purchase greater than

$20bn were announced, S&P would evaluate the transaction and whether

leverage could be returned to <2.5x within two years. S&P also noted that the