On Monday, Abbvie announced its $10.9 billion acquisition of Apogee Therapeutics, adding more depth to its immunology pipeline.
This takeover “helps partially solve one of the biggest investor concerns of what drives growth beyond Skyrizi/Rinvoq,” according to RBC Capital Markets analyst Trung Huynh. Skyrizi and Rinvoq are Abbvie’s immunology giants, as they’ve taken over the difference from Humira’s patent loss.
Apogee Therapeutics’ biggest focus is a drug called zumilokibart, which is treatment for eczema, asthma, and eosinophilic esophagitis. While the drug is still in testing, Apogee is set to start Phase 2 and Phase 3 of studies.
If approved, zumilokibart would compete directly with Dupixent, and injectable eczema and asthma treatment from Regeneron Pharmaceuticals. Dupixent requires a shot every two weeks, while zumilokibart is just 2-4 shots a year.
Aside from zumilokibart, Apogee has other drugs in testing for asthma, eczema, and chronic obstructive pulmonary disease. These assets will take sales pressure off of Abbvie’s Rinvoq and Skyrizi.
This deal provides diversification for Abbvie without treading into unfamiliar territory.
Abbvie’s stock surged with the announcement of this acquisition, closing at $230.10, up 6.3%.
