AbbVie Inc. (ABBV): Thoughts on Potential APGE Acquisition

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AbbVie Inc. (ABBV): Thoughts on Potential APGE Acquisition

Equity Research

22 June 2026 | 6:00AM EDT

Per press reports over the weekend, ABBV is in advanced talks to acquire Apogee Asad Haider, CFA

+1(212)902-0691 | asad.haider@gs.com

Therapeutics (APGE; covered by Salveen Richter) for ~$11bn. APGE is a clinical-stage Goldman Sachs & Co. LLC

biotech company with an optimized technology initially focused on developing a Nick Jennings

long-acting treatment for atopic dermatitis, a potential $24bn+ market in which +1(415)249-7412nick.jennings@gs.com|

ABBV currently only has a relatively minor presence. The proposed deal valuation Goldman Sachs & Co. LLC

Jeff Subeing reported by the media would represent a ~60% premium to APGE’s last closing +1(212)357-9930 | jeff.su@gs.com

price (on June 18) reflecting an EV/ 2nd year sales (Visible Alpha Consensus Data) Goldman Sachs & Co. LLC

multiple of ~8.8x, which is roughly in-line with the mean for biotech deals announced

this year. If announced, this acquisition would represent ABBV’s largest single BD

transaction since Allergan in 2019.

Our view. For ABBV, we believe the deal, if announced, would be a logical strategic

fit, with the potential to leverage the strength of ABBV’s broader immunology

commercial platform, expanding its presence in atopic dermatitis first line (1L)

treatment, distinct from where Rinvoq sits in 2L/3L, although a few questions remain

from a clinical development perspective.

n Logical strategic fit. APGE is developing zumilokibart (zumi), a long-acting

antibody targeting IL-13 (similar mechanism as SNY/REGN’s Dupixent and LLY’s

Ebglyss), in moderate-to-severe atopic dermatitis (AD). With zumi, ABBV could

potentially break into the 1L market in advance of biosimilar entry for Dupixent