Story perspectives

AbbVie Buys Apogee for $10.9 B, Blackstone Funds Deal

6/23/2026

Summary

AbbVie Acquires Apogee

AbbVie announced a cash acquisition of Apogee Therapeutics for $135.11 per share, valuing the deal at $10.9 billion.
The offer, a roughly 50% premium, is slated to close in Q3 2026 pending approvals and will add the IL-13 antibody zumilokibart, expected to be EPS-accretive from 2032.
Blackstone will provide up to $1.3 billion of non-dilutive financing, making the transaction the third-largest biopharma M&A announced in 2026.

Summary

AbbVie Gains Antibody

AbbVie will acquire Apogee’s IL-13 antibody to offset Humira decline and upcoming Skyrizi/Rinvoq patent expirations.
The deal also gives AbbVie access to Apogee candidates APG273 (TSLP) and APG279 (OX40L) targeting asthma, COPD and skin disorders.
Blackstone is providing $1.3 billion financing with a royalty on zumilokibart sales, which AbbVie may cut with a cash buyout.
Sanofi’s shares fell up to 3.9% as investors feared zumilokibart dosing could erode Dupixent’s eczema market.

History

Historical Context

Since its 2009 Medarex purchase, Bristol-Myers Squibb has used a “String of Pearls” acquisition strategy to expand its oncology pipeline. This approach peaked in November 2019 when BMS bought Celgene for $74 billion, adding Revlimid, which generated $5.5 billion in 2022 sales. AbbVie’s 2026 $10.9 billion acquisition of Apogee continues the same blockbuster-focused consolidation trend.

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AbbVie Acquires Apogee

AbbVie announced a cash acquisition of Apogee Therapeutics for $135.11 per share, valuing the deal at $10.9 billion.
The offer, a roughly 50% premium, is slated to close in Q3 2026 pending approvals and will add the IL-13 antibody zumilokibart, expected to be EPS-accretive from 2032.
Blackstone will provide up to $1.3 billion of non-dilutive financing, making the transaction the third-largest biopharma M&A announced in 2026.

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