Taking A Nuanced View Of The Apogee Transaction

研报英文原文证据摘录

Taking A Nuanced View Of The Apogee Transaction

C O M PA N Y N O T E

J u n e 2 2 , 2 0 2 6

• Details on the clinical program for APG273 in asthma and COPD. Zumilokibart is also

being explored in asthma and COPD in combination with longer-acting TSLP-directed mAb

APG333 (i.e., the combination is known as APG273). Regarding asthma, the rationale here

is compelling in our view (i.e., a potentially superior efficacy benefit from the combination

compared to IL-13 or TSLP monotherapy, coupled with a longer dosing interval). For context,

we would keep in mind that Amgen's (AMGN; Overweight) TSLP-directed mAb Tezspire,

which is to date the only TSLP-directed therapy that is currently approved, has a broad

label that is not restricted to high eosinophil counts or allergic status. We would also note

that APG273 is also being explored in chronic rhinosinusitis with nasal polyps (CRSwNP) in

parallel with development in asthma (recall that Tezspire gained a label expansion in CRSwNP

in October 2025, and the rate of comorbid CRSwNP and asthma is quite high). All told, biologic

penetration in asthma is quite low, as is the case in COPD (i.e., even lower; we note that

Tezspire Phase III results in COPD are likely in 2029, per clinicaltrials.gov). These are all

indications that represent new therapeutic verticals for ABBV, and in that vein, these are

opportunities that could render the transaction ROI as compelling (and more importantly would

more readily cushion the impact of the eventual Skyrizi/Rinvoq LOE's).

• Details on the Phase II data for zumilokibart in AD. In Part A of the Phase II APEX study

of zumilokibart in AD, 123 adults with moderate-to-severe AD (i.e., mean baseline EASI of

25.3) were randomized 2:1 to zumilokibart induction (i.e., 720 mg at weeks 0 and 2 followed