According to informed sources, AbbVie Inc (ABBV.US) is close to finalizing a deal to acquire anti-inflammatory drug developer Apogee Therapeutics Inc (APGE.US) for nearly $11 billion. This transaction is anticipated to be the pharmaceutical giant's most significant bolt-on acquisition since 2019. Sources indicate that under the terms being discussed, Apogee investors would receive approximately $10.9 billion in cash, representing a premium of roughly 60% over the company's recent closing share price. Barring any last-minute changes, an announcement of the deal could come as early as Monday.

Apogee's stock price has more than doubled over the past twelve months, surging nearly 20% in March after its lead candidate drug, zumilokibart, reported positive mid-stage trial results for atopic dermatitis, an inflammatory skin condition. A potential acquisition would further strengthen AbbVie's immunology portfolio. This portfolio is led by its anti-inflammatory drugs Humira, Skyrizi, and Rinvoq, which collectively generated approximately $30.4 billion in revenue last year, representing a year-over-year increase of about 14%.

If finalized, this deal is expected to be the largest transaction for the Chicago-based pharmaceutical giant since its $80 billion acquisition of Botox manufacturer Allergan in 2019.