On June 22, Apogee Therapeutics surged 46.61% in regular trading, trading at $132.7/share, with turnover of $2.319 billion. The rally was driven by AbbVie's formal announcement of its agreement to acquire the company.

AbbVie confirmed it will acquire Apogee Therapeutics for $135.11 per share in an all-cash transaction, valuing total equity at approximately $10.9 billion. The offer represents a roughly 60% premium to Apogee's prior closing price of $90.38. This marks AbbVie's largest acquisition in more than five years, aimed at bolstering its immunology pipeline with Apogee's lead drug candidate zumilokibart, as the company faces biosimilar erosion pressures on Humira.

Apogee, founded in 2022, specializes in autoimmune disease drug development. Last month, the company secured up to $1.3 billion in milestone-based financing from Blackstone Life Sciences to support late-stage clinical development and potential commercialization of its core eczema treatment. Following the announcement, Canaccord Genuity downgraded Apogee from Buy to Hold while raising its target price to $135.11, matching the acquisition price.

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