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AbbVie to Acquire Apogee Therapeutics for $10.9 Billion
AbbVie will pay $10.9 billion in cash to buy Apogee Therapeutics, a Waltham-based developer of immunology drugs. The deal values Apogee shares at $135.11 each, a roughly 50 percent premium to the prior close.
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AbbVie announced Monday that it will acquire Apogee Therapeutics for $10.9 billion in cash. The deal values Apogee at $135.11 per share, a roughly 50 percent premium to its previous closing price. Apogee is headquartered in Waltham and develops immunology drugs.
Its lead candidate, zumilokibart, targets the inflammatory cytokine IL-13 and is being tested in atopic dermatitis as well as in asthma in combination with another experimental medicine. Studies indicate the drug could deliver skin and itch relief comparable to existing treatments for atopic dermatitis while requiring administration only two to four times per year after initial dosing.
The transaction is expected to close in the third quarter.
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