ABBV: APGE Acquisition Should be Very Well Received; Strong Strategic Fit and Answers Questions on Longer-Term Growth Drivers Beyond Skyrizi and Rinvoq

研报英文原文证据摘录

ABBV: APGE Acquisition Should be Very Well Received; Strong Strategic Fit and Answers Questions on Longer-Term Growth Drivers Beyond Skyrizi and Rinvoq

FLASH NOTE

June 22, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com ABBV: APGE Acquisition Should be Very Well

212 823 6543 Received; Strong Strategic Fit and Answers

Seamus Fernandez

seamus.fernandez@guggenheimpartners.com Questions on Longer-Term Growth Drivers Beyond

617 859 4637 Skyrizi and Rinvoq Yatin Suneja

yatin.suneja@guggenheimpartners.com

212 518 9565 Key Message: AbbVie has confirmed that it has agreed to acquire Apogee Therapeutics

Edouard Mullarky, Ph.D. (APGE; Covered by Seamus Fernandez) in an all-cash transaction for $135.11/share, or

edouard.mullarky@guggenheimpartners.com a total equity value of ~$10.9Bn. We like this deal for AbbVie and believe the Apogee

212 518 9579 pipeline, headlined by their long-acting IL-13 zumilokibart (APG777) and their IL-13/

TSLP APG273 complements AbbVie's strong position in I&I, while likely avoiding any Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com significant FTC concerns by focusing on mechanisms and indications where AbbVie does

212 823 6561 not currently have a strong presence. The one notable exception is atopic dermatitis,

where we estimate AbbVie is generating ~$2Bn in sales with Rinvoq this year but where Arseniy Shabashvili

arseniy.shabashvili@guggenheimpartners.com we believe there is sufficient additional competition to allow for the deal to close as is.

212 699 1971 The deal should help address concerns investors have increasingly had with the AbbVie

story and what would drive the company's growth in 2030 and beyond when growth for

their blockbusters Skyrizi and Rinvoq will naturally start to slow. We believe the purchase