AbbVie Pays $10.9B for Unproven Drug in Humira Defense

AbbVie agreed on June 22 to acquire Apogee Therapeutics for $10.9 billion all-cash—its largest deal in five years. The 49.49% premium buys access to zumilokibart, an experimental treatment still in late-stage trials for atopic dermatitis. AbbVie is betting on portfolio depth as biosimilar pressure erodes Humira revenue. The deal carries a 14% dilution to adjusted earnings, signaling the company prioritizes long-term pipeline options over near-term profit accretion.