ABBV Taking a Shot (But Once a Quarter)

研报英文原文证据摘录

ABBV Taking a Shot (But Once a Quarter)

Quick Note

June 21, 2026 Apogee Therapeutics, Inc. (APGE)

Rating: ABBV Taking a Shot (But Once a Quarter)OUTPERFORM

Price:

$90.38 Per a Financial Times report, AbbVie (ABBV, not covered) could be offering to

12-Month Price Target: acquire APGE for about $10.9B in cash. The reported transaction implies a takeout

$135.00 price of roughly $145/share, which would be a ~60% premium to the prior

close and approximately 7% above our $135 PT. Neither company has publicly

confirmed the report. We had viewed APGE as an attractive acquisition target

Analysts given its de-risked late-stage anti-IL-13 platform and a non-dilutive financing

David Nierengarten, Ph.D. structure that explicitly contemplated a change-of-control royalty buydown (see

(415) 274-6862 note), and the rumored transaction is broadly consistent with that thesis. RecentDavid.Nierengarten@wedbush.com

Ph 2 atopic dermatitis data for primary value driver zumilokibart demonstratedMartin Fan, Ph.D.

(213) 688-3404 efficacy that was competitive with current standards of care while supporting

Martin.Fan@wedbush.com a differentiated dosing profile (see note). We continue to view infrequent

Dennis Pak dosing as one of the few remaining meaningful avenues for differentiation in

(415) 263-6647 AD, with zumilokibart potentially supporting quarterly and, in some patients,

Dennis.Pak@wedbush.com every-six-month maintenance dosing. Additional pipeline assets including APG990

(OX40L), APG279, and APG808 provide further optionality across dermatology

and respiratory indications. APGE would expand the company's presence in Type

2 inflammatory diseases while complementing existing franchises built around

Skyrizi and Rinvoq. We believe the overlap in commercial infrastructure, prescriber