Apogee Therapeutics Inc. (APGE): ABBV to acquire APGE

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Apogee Therapeutics Inc. (APGE): ABBV to acquire APGE

Goldman Sachs Apogee Therapeutics Inc. (APGE)

(non-placebo adjusted 65.9% vs. 49.5%/53% for REGN/SNY’s Dupixent/LLY’s

Ebglyss at 16-weeks, caveating study comparisons) with less-frequent dosing (6

injections over 4 dosing days vs. 10 injections over 9 dosing days), and 2) improved

outcomes on more stringent endpoints of vIGA 0/1 (a co-primary endpoint for the

Ph3) and EASI-90, where management pointed to the larger study size and broader

geographical exposure as contributing factors - net, we are optimistic on translation

to Ph3. On safety, we note that zumilokibart’s profile remained consistent with the

class, with pooled conjunctivitis rate of 10.6% for the mid-dose, 15.1% for the low

dose and 20,7% for the high-dose. Management also note a disconitnuation rate of

~6% across arms in the study. In March, APGE had also disclosed 52-week Ph2 Part A

data which met the bar for success on efficacy and safety, with zumilokibart

demonstrating durability of response with 3QM and 6QM dosing on key lesional

endpoints and itch.

o We note encouraging KOL feedback for zumilokibart - per KOLs,

zumilokibart’s profile and dosing flexibility (vs. Dupixent/Ebglyss at every

two/four weeks) could position it as a 1L option, albeit caveating

reimbursement and payor restrictions present the key hurdle for adoption in

this line. The KOLs view the rate of conjunctivitis for zumilokibart as

acceptable and in line with other AD treatments.

n ABBV highlighted commercial synergies per its broad I&I portfolio and

formulary/payor experience (GSe peak AD sales of $4.7bn). At the GS Healthcare

Conference, APGE management emphasized that zumilokibart’s profile could

support first-line biologic positioning, in a large, rapidly growing, and still