MW AbbVie would gain an experimental eczema drug by buying biotech: report

By Jaimy Lee

If approved, the drug would be a new option for people with atopic dermatitis

AbbVie is reportedly nearing a deal to buy Apogee Therapeutics, which is developing a long-acting treatment for atopic dermatitis.

AbbVie is reportedly trying to buy a biotech company that is developing a promising atopic dermatitis drug for $10.9 billion in cash, according to a Financial Times report.

The acquisition would be for Apogee Therapeutics (APGE), which is working on a long-acting treatment for atopic dermatitis that's set to move into Phase 3 trials later this year. The drug works by blocking IL-13, the protein that causes eczema.

If approved, the drug would compete with Dupixent, an IL-4 and IL-13 inhibitor that is used to treat numerous inflammatory conditions like atopic dermatitis and chronic obstructive pulmonary disease, or COPD. That medicine, which is sold by Regeneron Pharmaceuticals $(REGN)$ and Sanofi (FR:SAN), is one of the world's top-selling drugs.

Apogee, which is based near Boston, is betting that the drug, zumilokibart, is a better version of Dupixent. A Phase 3 trial is set to start later this year. About 16 million adults and 10 million children in the U.S. have atopic dermatitis, which is a form of eczema, according to the National Eczema Association. Atopic dermatitis rates are increasing, particularly among children.

"Zumilokibart could fill an important niche in the evolving atopic dermatitis landscape," BMO Capital Markets analyst Evan David Seigerman told investors.

AbbVie $(ABBV)$ has long been known for its work on Humira, the rheumatoid arthritis drug that was once the world's biggest-selling drug, and then fiercely protecting that medicine's patent. With Humira only recently losing patent protection, AbbVie still has to shore up its business to satisfy investors. A deal to buy Apogee would be solid footing for the company given its expertise developing and selling Humira for a range of inflammatory conditions, according to Seigerman.

The deal would be one of the largest pharmaceutical acquisitions in 2025 and 2026. So far this year, the two biggest deals have been Sun Pharma's (IN:524715) acquisition of the women's health company Organon for $11.8 billion and GSK's (UK:GSK) purchase of the cancer developer Nuvalent for $10.6 billion.

The FT first reported the deal on Friday, saying the deal price is about a 60-cent premium to Apogee's closing price of $90.38 on Thursday.

AbbVie's stock is down 6% this year, while Apogee's shares have gained 20%.

-Jaimy Lee

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June 20, 2026 12:11 ET (16:11 GMT)

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