Andrew covers the biopharma industry, scientific research, and public health across the continent. You can reach Andrew confidentially on Signal at drewqjoseph.71.AbbVie on Monday said it would buy Apogee Therapeutics, the developer of immunology drugs, for $10.9 billion in cash, continuing a run in which pharma companies have been scooping up biotechs.
The deal values Apogee at $135.11 per share, a roughly 50% premium on its previous closing price. The Financial Times reported last week the deal was in the works.
Apogee’s lead drug, called zumilokibart, could be a long-lasting option for patients with a range of inflammatory diseases. It’s being tested in atopic dermatitis and, in combination with another experimental medicine, in asthma. The drug, which targets an inflammatory cytokine called IL-13 that drives a number of conditions, could be given to patients just two to four times a year after they start treatment.
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