AbbVie Gambles $10.9B on Untested Drug to Replace Humira

AbbVie is buying Apogee Therapeutics for $10.9 billion—its largest deal in five years—to gain zumilokibart, an experimental skin-disease treatment still in late trials. The deal reflects AbbVie's urgency: biosimilars are eroding Humira revenue, the company's cash cow. The 14% earnings hit signals management favors future growth over today's profits.