Apogee Therapeutics, Inc. Common Stock

AbbVie's immunology franchise generated $16.1 billion in first-half 2026 sales, more than half of the company's total sales, as Skyrizi and Rinvoq continued to offset the biosimilar erosion of Humira that began in the United States in 2023. The segment's sales rose nearly 16% year over year on a reported basis, outpacing AbbVie's overall revenue growth, and the company expects combined Skyrizi and Rinvoq sales to exceed $31 billion in 2026. Rinvoq was approved in the EU in July for vitiligo and alopecia areata, and AbbVie believes those two indications alone can add up to $2 billion in combined peak sales, while phase III data for Rinvoq in hidradenitis suppurativa and systemic lupus erythematosus are expected later this year. Supported by those two drugs, AbbVie expects high-single-digit compound annual revenue growth through 2029, with no major loss-of-exclusivity events expected to materially disrupt the business through the rest of the decade. Beyond its current leaders, AbbVie is evaluating Skyrizi-based combination regimens with ABBV-382 and ABBV-701 in inflammatory bowel disease, seeking approval for a subcutaneous induction regimen of Skyrizi in Crohn's disease, and has added pipeline assets through acquisitions including Nimble Therapeutics, Capstan Therapeutics and Apogee Therapeutics, whose zumilokibart is a phase III-ready long-acting anti-IL-13 antibody for atopic dermatitis that AbbVie believes can compete with Dupixent.

AbbVie Inc. finalized its acquisition of clinical-stage biotech Apogee Therapeutics for $135.11 per share in cash, a $10.9 billion deal that folds Apogee's inflammatory and immunology pipeline into AbbVie's commercial engine. On the same day, AbbVie reported positive Phase 3 results for its bispecific T-cell engager etentamig in relapsed/refractory multiple myeloma, highlighting the company's push into next-generation immunology and oncology. In Q2 2026, AbbVie posted $16.99 billion in net revenue, up 10.2% year over year, with adjusted diluted EPS rising 22.9% to $3.65, driven by immunology blockbusters Skyrizi and Rinvoq, which grew 24.4% and 24.5% respectively, offsetting a 35.9% decline in Humira revenue. AbbVie reiterated its full-year 2026 adjusted EPS guidance of $13.87–$14.07, including a $0.14 dilutive impact from the Apogee transaction. Apogee, which generated no product revenue in Q2 2026, reported a net loss of $85.9 million but held $1.3 billion in cash and marketable securities, plus a $1.3 billion non-dilutive credit collaboration with Blackstone Life Sciences to support Phase 3 trials of its lead asset zumilokibart. Investors should watch full plenary data for etentamig at the International Myeloma Society Meeting from September 23–26 and monitor Phase 3 execution for zumilokibart under AbbVie's global structure.

AbbVie announced positive top-line results from the Phase III CERVINO study, in which its investigational drug etentamig significantly improved objective response rate and progression-free survival compared with standard therapies in patients with relapsed or refractory multiple myeloma who had been exposed to three major drug classes. The study met both primary goals, with etentamig achieving an objective response rate of 74% versus 45.7% for standard available therapies, and reducing the risk of disease progression or death by 60%, corresponding to a progression-free survival hazard ratio of 0.40. At 12 months, the overall survival rate was 87.9% for etentamig-treated patients versus 72% for those on standard therapies, though the prespecified statistical boundary for overall survival was not crossed at the data cutoff. The drug also showed a manageable safety profile with low rates of cytokine release syndrome and fatal infections. AbbVie plans to discuss the results with regulatory authorities and present the data at a medical conference later this month. Separately, AbbVie completed its acquisition of Apogee Therapeutics for approximately $10.9 billion, strengthening its immunology pipeline with dermatology, respiratory, and inflammatory disease assets.

AbbVie reported fiscal Q2 2026 worldwide revenue of $16.99 billion, up 10.2%, driven by strong immunology and neuroscience growth. Skyrizi revenue increased 24.4% to $5.51 billion and Rinvoq rose 24.5% to $2.53 billion, together accounting for about 47% of total revenue, while Humira sales fell 35.9% to $756 million. Neuroscience revenue grew 20.3% to $3.23 billion, led by Vraylar, Botox Therapeutic, Qulipta, and Vyalev. Adjusted diluted EPS rose 22.9% to $3.65, but the company lowered its full-year adjusted EPS guidance to $13.87–$14.07, citing anticipated dilution from the proposed Apogee Therapeutics acquisition. Oncology revenue declined 1.5% to $1.65 billion and aesthetics grew only 0.3% on a reported basis, highlighting concentration risk in the two immunology products.

Billionaire hedge fund manager Ken Griffin's Citadel increased its position in AbbVie by 547% through the purchase of an additional 2.68 million shares at an average price of $214.90 per share. AbbVie, a Dividend King with 53 consecutive years of dividend increases, currently trades around $260 per share and yields about 2.8%. The company is spending $10.9 billion to acquire Apogee Therapeutics, gaining the potential atopic dermatitis therapy Zumilokibart, which offers a three- to six-month dosing schedule versus two to three weeks for Dupixent. AbbVie spent $13.8 billion on research and development in 2025 and has more than 90 candidate compounds in clinical development, including 375 clinical-stage programs. The deal is not expected to increase adjusted earnings per share until 2032.

AbbVie is taking on $8 billion in debt to finance its $10.6 billion acquisition of Apogee Therapeutics, a deal expected to close in the third quarter pending regulatory approvals. The company said the acquisition will not boost adjusted earnings per share until 2032 and will cause $0.14 in dilution this year, lowering its adjusted EPS guidance to a range of $13.87 to $14.07. AbbVie plans to maintain its dividend, having raised it by 5.5% to $1.73 per share this year, and aims to preserve its A2/A- credit rating while reducing net leverage to about 2 times within two to three years after closing. The deal is centered on Apogee's lead drug candidate, Zumilokibart, a monoclonal antibody targeting interleukin-13 for atopic dermatitis with a three- to six-month dosing interval that could compete with Sanofi's Dupixent, which generated 15.7 billion euros in 2025 sales. AbbVie reported second-quarter revenue of $16.9 billion, up 10.2%, and earnings per share of $2.03, a 290% increase from the prior year.

AbbVie shares have fallen 4.4% since the company reported second-quarter 2026 results on July 31, even as revenues and earnings beat expectations and key drugs Skyrizi and Rinvoq posted robust growth. The decline came after AbbVie lowered its full-year 2026 adjusted EPS guidance to $13.87 to $14.07 from the prior range of $13.91 to $14.11, citing a roughly 14-cent impact from the pending $10.9 billion acquisition of Apogee Therapeutics, which is expected to close this quarter. The company raised its full-year revenue guidance by $300 million to $67.6 billion and said improved performance would offset about 10 cents of the deal's EPS drag. Combined Skyrizi and Rinvoq sales are expected to exceed $31 billion in 2026, with more than 20% growth, while the neuroscience portfolio, including new Parkinson's drug Vyalev, is also contributing to top-line gains. Despite the strong operational performance, near-term earnings estimates for 2026 have edged lower, and the stock currently carries a Zacks Rank #4 (Sell).

AbbVie continues to raise its dividend despite market headwinds, and Wall Street analysts see the stock climbing nearly 12% from current levels. The company posted second-quarter revenue of nearly $17 billion, a 10.2% year-over-year increase, while adjusted earnings per share rose 23% to $3.65. Its immunology drugs Skyrizi and Rinvoq are expected to generate $31 billion in combined sales this year, replacing former blockbuster Humira. AbbVie also announced the acquisition of Apogee Therapeutics for $10.9 billion in cash to bolster its pipeline with the eczema treatment zumilokibart. The drugmaker is a Dividend King with 54 consecutive years of payout increases, including its time as part of Abbott Laboratories.

Baron Capital sold its stake in Apogee Therapeutics following the announcement that AbbVie would acquire the biotechnology company for $135.11 per share, a 49.5% premium over the prior day's close. The sale was disclosed in the Baron Health Care Fund's second-quarter 2026 investor letter, which noted that favorable stock selection in biotechnology was mostly attributable to the acquisition target. Apogee Therapeutics, a clinical-stage company developing biologics for inflammatory and immunology indications, had a market capitalization of $10.11 billion and a 52-week trading range of $34.34 to $134.46. The fund gained 11.99% during the quarter, outperforming the Russell 3000 Health Care Index's 10.48% gain but trailing the broader Russell 3000 Index's 15.44% return.

AbbVie raised its full-year revenue guidance by $300 million, bringing total increases to $600 million since the start of the year, driven by double-digit growth in SKYRIZI, RINVOQ, and the neuroscience portfolio, all exceeding 20%. Management now expects combined peak sales for RINVOQ in vitiligo and alopecia areata to approach $2 billion, significantly higher than prior estimates, and the Parkinson’s portfolio, including the anticipated launch of tevapadone, to achieve collective peak sales exceeding $5 billion. The company also announced the acquisition of Apogee Therapeutics to strengthen its immunology pipeline with long-acting biologics for the 2030s and beyond, with the deal expected to close in the third quarter and contribute $0.14 of dilution while underlying business performance improves by $0.10. HUMIRA sales declined 36.1% operationally due to biosimilar competition, and IMBRUVICA faces ongoing pressure from Medicare Inflation Reduction Act pricing and competitive share loss. Management noted no degradation in new prescription trends for SKYRIZI following the launch of competitive oral therapies, with the market expanding rather than being zero-sum.

AbbVie is projected to report a solid second quarter with double-digit growth in both earnings and revenue. Earnings per share are expected to rise 67% year-over-year to $3.61, the upper end of management's forecast, while revenue is seen growing 11% to $16.76 billion. The company recently revised its second-quarter guidance to include a $291 million pre-tax charge for acquired IPR&D and milestone expenses, reducing adjusted EPS guidance to a range of $3.57 to $3.61 and trimming its full-year adjusted earnings outlook to between $13.91 and $14.11. Despite the near-term impact, the longer-term view remains strong due to portfolio diversification, with immunology drugs Skyrizi and Rinvoq together outselling Humira annually. Investors will also watch for comments on AbbVie's $10.9 billion acquisition of Apogee Therapeutics, which is expected to bolster its immunology franchise and expand into respiratory diseases.

AbbVie looks like the more attractive Dividend King compared to Johnson & Johnson based on valuation and dividend yield. AbbVie recently traded at a forward price-to-earnings ratio of 18, above its five-year average of 13, and offered a 2.7% dividend yield. Johnson & Johnson carried a forward P/E of 22, well above its five-year average of 16, with a 2.1% yield. AbbVie also agreed to acquire Apogee Therapeutics for $10.9 billion, adding the eczema drug zumilokibart to its immunology pipeline. Both pharmaceutical giants appear somewhat overvalued, but AbbVie’s lower valuation multiple and higher yield give it a slight edge.

AbbVie continues to attract Wall Street attention as a Dividend King with a 2.7% dividend yield, well above the S&P 500's roughly 1% and the pharmaceutical average of 1.5%. The company inherited its Dividend King status from former parent Abbott but has increased its dividend every year since the 2013 spin-off, with a cash dividend payout ratio around 60% that suggests the payout is on firm ground despite a high earnings-based payout ratio. AbbVie has successfully navigated Humira's patent expiration by launching Skyrizi and Rinvoq, and it recently agreed to acquire Apogee for roughly $11 billion to bolster its immunology pipeline. The company also benefits from Botox, a brand-driven aesthetic drug with expanding healthcare uses, providing a differentiated revenue foundation. With a strong balance sheet and a track record of developing and acquiring valuable drugs, AbbVie is viewed as a worthwhile long-term dividend holding.

US biotech and pharmaceutical IPOs have delivered a weighted average return of 55% this year, far outpacing the broader US IPO market's 4.4% weighted average loss, according to Bloomberg data. At least six biotechs, led by CRISPR-based genetic medicines developer Scribe Therapeutics Inc., have filed for IPOs this month that could price later in July and the first half of August. The sector's outperformance is driven by a 13% gain in the Nasdaq Biotechnology Index, a stable regulatory backdrop, notable trial data breakthroughs, and big pharma acquisitions, including Abbvie Inc.'s purchase of Apogee Therapeutics Inc., GSK Plc's deal for Nuvalent Inc., and Vertex Pharmaceuticals Inc.'s purchase of Crinetics Pharmaceuticals Inc. Proceeds from biotech IPOs this year have topped $5 billion, three times last year's total, and include the biggest-ever biotech listing, Parabilis Medicines Inc.'s $770.6 million offering. Pattern hair loss drug company Veradermics Inc. is up over 500% since its February debut, making it the best performing US IPO from any sector this year.

AbbVie's planned $10.9 billion cash acquisition of Apogee Therapeutics is not expected to affect its dividend program. The company will fund the deal entirely with debt, preserving its cash reserves, and management remains committed to maintaining its Dividend King streak of over 50 consecutive years of annual increases. Following its much larger $63 billion Allergan acquisition in 2020, AbbVie raised its dividend by 46.6% over the subsequent years. The addition of Apogee's eczema drug candidate zumilokibart could further strengthen AbbVie's immunology portfolio and support future free cash flow growth.

AbbVie shares fell 1.30% to $244.78 in Tuesday afternoon trading, marking a seventh straight session of losses. The stock has declined 5.1% over the past six sessions, while the S&P 500 gained 0.44%. The slide follows the company's July 6 revision of its second-quarter adjusted diluted EPS guidance to $3.57–$3.61 and full-year guidance to $13.91–$14.11, both below consensus, after recording a $291 million pre-tax acquired IPR&D and milestones expense. Separately, AbbVie and Genmab received European Commission approval for an expanded label for Tepkinly based on Phase 3 trial data. Seeking Alpha analyst Justin Miller maintained a Buy rating, citing the proposed $10.9 billion acquisition of Apogee Therapeutics as strengthening the immunology franchise, while Seeking Alpha's Quant Rating assigns a Hold rating of 3.28.

The iShares Core High Dividend ETF has gained more than 15% this year, outpacing the S&P 500's 9% return through the first half of 2026. The ETF's outperformance has been driven by its higher exposure to high-yielding energy stocks like ExxonMobil and Chevron, which rallied amid the Iran war, as well as its significant concentration in healthcare stocks such as AbbVie and Merck. AbbVie reported a 12.4% increase in first-quarter revenue and agreed to acquire Apogee Therapeutics for $10.9 billion, while Merck saw 5% sales growth and acquired Terns Pharmaceutical for $6.7 billion. The fund, which tracks the Morningstar Dividend Yield Focus Index, holds 75 high-quality, high-yielding U.S. dividend stocks and currently offers a 2.9% dividend yield, nearly three times the S&P 500's 1.1% yield.

Johnson & Johnson and AbbVie are both leading drugmakers with strong franchises in immunology, oncology and neuroscience, but face patent headwinds that make pipeline execution critical. J&J's diversified model spans pharmaceuticals and medical devices, with 28 platforms exceeding $1 billion in annual sales and a dividend track record of 64 consecutive years of increases. The company expects 10 new products to reach peak sales of $5 billion each and targets around $100 billion in revenue for 2026, though it contends with Stelara's loss of exclusivity and talc litigation. AbbVie has successfully navigated Humira's patent cliff, driven by Skyrizi and Rinvoq, which are expected to generate more than $31 billion combined in 2026, and is bolstering its pipeline through acquisitions including Apogee Therapeutics for approximately $10.9 billion. From a valuation standpoint, AbbVie trades at 16.51 times forward earnings versus J&J's 21.01, while both offer similar dividend yields around 2.1%. Analysts currently assign a Zacks Rank of 3, or Hold, to each stock, with J&J showing stronger estimate revisions and stock performance year-to-date.

H.C. Wainwright has reaffirmed its Buy rating on Oruka Therapeutics with a price target of $120. The update follows AbbVie's announcement that it has entered into a definitive agreement to acquire Apogee Therapeutics and its pipeline of clinical-stage candidates for inflammatory and immunological diseases. H.C. Wainwright noted that both Apogee and Oruka were created by privately-held Paragon Therapeutics and share a focus on developing treatments for inflammatory skin conditions.

AbbVie announced on June 22 that it will acquire Apogee Therapeutics for approximately $10.9 billion in cash, gaining a pipeline of immunological and inflammatory disease candidates. The most promising asset is zumilokibart, an investigational eczema therapy that has shown strong mid-stage results and may require fewer injections than current treatments. The acquisition strengthens AbbVie's immunology portfolio ahead of patent cliffs for key drugs Skyrizi and Rinvoq in the next decade. AbbVie expects combined revenue from Skyrizi and Rinvoq to exceed $31 billion this year, and the company is also a Dividend King with 54 consecutive years of payout increases.

AbbVie shares surged nearly 11% in the past week, adding roughly $43 billion in market value, driven by multiple positive developments. The rally began after the company announced its $10.9 billion acquisition of clinical-stage biotech Apogee Therapeutics, a move aimed at strengthening its immunology franchise and easing concerns about growth once Skyrizi and Rinvoq mature. AbbVie also secured U.S. and European approvals to expand Skyrizi's label for pediatric plaque psoriasis, and a European Medicines Agency advisory committee recommended approving Rinvoq for alopecia areata and vitiligo. Beyond immunology, the company's neuroscience franchise is expanding, with Parkinson's therapy Vyalev expected to surpass $1 billion in annual global sales, while its oncology portfolio was bolstered by the recent approval of Decnupaz for a rare blood cancer.

AbbVie shares have rallied 40.9% over the past year to trade at US$253.35, prompting a valuation review. A discounted cash flow analysis estimates intrinsic value at US$434.69 per share, suggesting the stock is 41.7% undervalued. However, AbbVie's price-to-earnings ratio stands at 124.51 times, well above the Simply Wall St fair ratio of 38.96 times, indicating overvaluation on that metric. Investor narratives on the platform incorporate developments such as the proposed US$10.9 billion Apogee Therapeutics acquisition, with fair value estimates ranging from US$184.00 to US$328.00.

AbbVie stock reached a new 52-week high on Monday, rising about 40% over the past 12 months. The healthcare giant recently announced a $10.9 billion acquisition of Apogee Therapeutics to expand its immunology portfolio. Despite the rally, AbbVie trades at less than 18 times estimated future earnings, below the S&P 500 average of 21. The company has demonstrated solid resiliency with strong financials and an above-average dividend yielding 2.7%. Analysts suggest the stock remains an attractive long-term buy despite the elevated share price.

AbbVie shares closed 4.2% higher at $253.35, hitting a 52-week high, driven by the proposed $10.9 billion acquisition of Apogee Therapeutics and FDA approval of Skyrizi for children aged six and older with moderate-to-severe plaque psoriasis or active psoriatic arthritis. The stock has gained 11.2% over the past four weeks. AbbVie is expected to report quarterly earnings of $3.78 per share, a 27.3% year-over-year increase, on revenues of $16.8 billion, up 8.9%. The consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days. The stock carries a Zacks Rank #3, or Hold.

Regeneron Pharmaceuticals announced that the FDA and European Medicines Agency accepted regulatory applications for cemdisiran to treat adults with generalized myasthenia gravis who are anti-acetylcholine receptor antibody-positive. The FDA granted Priority Review with a target action date in November 2026, while a European Commission decision is expected in the second half of 2027. The submissions are supported by Phase 3 NIMBLE trial data. Separately, RBC Capital maintained a Sector Perform rating and $707 price target on Regeneron, but called AbbVie’s acquisition of Apogee Therapeutics a net negative, citing a potential next-generation competitor to Dupixent.

RBC Capital maintained a Sector Perform rating on Regeneron Pharmaceuticals on June 22, setting a $707 price target. The firm noted that AbbVie's acquisition of Apogee Therapeutics is a net negative for Regeneron, as it brings a commercially capable operator with deep dermatology relationships behind a potential next-gen competitor to Dupixent. Separately, Regeneron announced on May 28 that maftivimab has been recommended by the WHO for prioritized evaluation in clinical trials for Bundibugyo ebolavirus.

The S&P 500 Health Care Index Sector jumped 7.48% during the week, driven by major dealmaking and legal victories. Merck KGaA agreed to acquire Bio-Techne for $73 per share in cash, valuing the deal at an enterprise value of approximately $11.3 billion, a 36% premium that sent Bio-Techne shares up more than 20%. AbbVie announced an all-cash acquisition of Apogee Therapeutics at $135.11 per share, a total equity value of about $10.9 billion, causing Apogee shares to rally 52%. The U.S. Supreme Court handed Bayer a sweeping 7-2 victory, ruling that federal pesticide regulations shield the company from state-law claims alleging Roundup should have carried a cancer warning, a decision expected to sharply reduce litigation that has cost Bayer more than $10 billion. Eli Lilly entered an R&D and licensing collaboration with China's Abbisko Therapeutics worth up to $1.9 billion, while Novartis and privately held Antares Therapeutics announced a cancer drug development deal also worth up to $1.9 billion.

Health Canada has approved Boey, a botulinum neurotoxin type E from AbbVie's Allergan Aesthetics unit, for the temporary improvement of moderate to severe glabellar lines in adults. Boey is the first and only approved botulinum neurotoxin serotype E with a rapid onset and short duration for this indication. Separately, Canaccord raised its price target on AbbVie to $273 from $265 and maintained a Buy rating, citing the strategic sense of AbbVie's acquisition of Apogee Therapeutics. AbbVie also announced European Commission approval of Maviret for treating acute hepatitis C virus infection in adults and children aged 3 years and older, making it the only treatment approved in the European Union for both acute and chronic HCV infection.

Canaccord raised its price target on AbbVie to $273 from $265 and reiterated a Buy rating, citing the strategic sense of the company's announced acquisition of Apogee Therapeutics. The firm said the deal adds a potential mega-blockbuster immunology asset targeting atopic dermatitis and asthma that could become a major growth driver over the next decade. Wells Fargo also maintained an Overweight rating with a $260 price target, calling the bid logical and likely to be viewed positively by the market.

Legend Biotech is identified as the most actionable takeover target among three biotech companies Wall Street is watching following AbbVie's acquisition of Apogee Therapeutics. Legend Biotech's CAR-T therapy Carvykti, co-developed with Johnson & Johnson, generated $1,028.90 million in full-year 2025 revenue, up 64.04% year over year, and reached franchise profitability. The company's shares closed at $29.30, down 13.44% over the past year, against an analyst target of $57.59 and a market cap of $5.45 billion. Revolution Medicines, with a market cap of roughly $36.0 billion and a Phase 3 pancreatic cancer asset, is considered the hardest to buy due to its high valuation. Structure Therapeutics, trading at a market cap of about $3.2 billion, offers an oral GLP-1 obesity candidate but remains a clinical-stage bet.

Simply Wall St held its fair value estimate for AbbVie at US$253.55 per share after incorporating the proposed US$10.9 billion acquisition of Apogee Therapeutics, with no change to the core price target. The deal, which adds lead atopic dermatitis and asthma candidate zumilokibart, drew a split reaction from analysts: Canaccord raised its AbbVie price target to US$273 and Piper Sandler lifted its target to US$298, both citing pipeline strength, while others including TD Cowen flagged the full price and execution risk in a competitive immunology field. AbbVie reported first-quarter 2026 revenue of roughly US$16.62 billion and raised full-year guidance, also announcing a US$1.4 billion manufacturing campus investment in North Carolina and FDA approval for a new hyaluronic acid injectable to reduce horizontal neck lines.

AbbVie announced a definitive agreement to acquire clinical-stage biotech Apogee Therapeutics for $10.9 billion in cash. AbbVie will pay $135.11 per share, a 49.5% premium that sent Apogee stock up 46% on the day. The deal brings Apogee's lead asset zumilokibart, a Phase 2 IL-13 antibody for atopic dermatitis and asthma, into AbbVie's immunology portfolio alongside Skyrizi and Rinvoq. AbbVie expects the transaction to close in the third quarter but does not anticipate it will be accretive to adjusted earnings per share until 2032. The acquisition aims to extend AbbVie's immunology leadership beyond its current blockbusters as it navigates life after Humira.

Apogee Therapeutics shares surged 46.7% after AbbVie announced plans to acquire the biotech firm in a $10.9 billion deal. AbbVie shares jumped 6.3% on the news. Digital Realty Trust gained 3.9% as real estate emerged as one of the day's top-performing sectors. Meta Platforms slid 2.3% amid a broader AI-driven selloff. Sandisk Corporation rose 4.1% on strength in AI-related memory and storage stocks.

Syndax Pharmaceuticals ranks as the most likely biotech takeover target following AbbVie's acquisition of Apogee Therapeutics, according to a Wall Street analysis. With a market cap of roughly $1.71 billion, Syndax is the smallest of three highlighted Nasdaq-listed firms and already has two FDA-approved drugs, Revuforj and Niktimvo, generating $64.86 million in total first-quarter revenue, up 223.6% year over year. Its co-commercialization partner Incyte is named as the most logical acquirer, while Nektar Therapeutics and Viking Therapeutics are seen as less urgent targets due to their larger cash reserves and market caps. The Apogee deal has reignited merger and acquisition speculation across the biotech sector, with buyers seeking late-stage clinical data, large addressable markets, and strategic fit in immunology, obesity, or oncology.

AbbVie is acquiring Apogee Therapeutics for $10.9 billion. The deal gives AbbVie access to Apogee's lead drug for dermatitis, an itchy skin condition affecting about 200 million people worldwide, which is currently in phase two testing. Analysts at Citi said the premium AbbVie is paying does not seem excessive given the strong data, scarcity of high-quality immunology assets, and Apogee's recent $1.3 billion financing collaboration with Blackstone. Separately, Coca-Cola is heading to a US appeals court in a dispute with the IRS over a potential $21 billion tax liability stemming from a 2020 ruling that the company underpaid taxes by $2.7 billion for 2007 to 2009, with additional accrued taxes of $900 million in the first half of 2026 if the ruling applies to subsequent years.