AbbVie Nears $10.9B Cash Deal to Acquire Apogee Therapeutics, Shares Surge 53%
APGE has more than doubled off its 52-week low of $34.34 on elevated volume (2.0× avg).
Summary
AbbVie is reportedly nearing a $10.9 billion cash deal to acquire Apogee Therapeutics, according to the Financial Times. This potential acquisition represents a substantial 60% premium over Apogee's recent closing price, causing shares to surge 53% in premarket trading. The news follows highly positive Phase 2 results for Apogee's lead drug candidate, zumilokibart, reported in late May, which likely increased its attractiveness. This would be a significant exit for shareholders, validating the company's pipeline. A formal announcement could come as early as today.
At the time of this announcement, APGE was trading at $138.49 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.8B. The 52-week trading range was $34.34 to $95.32. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.