$10.9 billion AbbVie deal
AbbVie agreed to acquire Apogee Therapeutics for $10.9 billion in cash to expand its anti-inflammatory drug portfolio.
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Jun 22, 2026
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AbbVie's $10.9B All-Cash Acquisition of Apogee Therapeutics
At 9:09 · chapter starts 9:08
Sam Fazeli discusses AbbVie's bid for eczema drug developer Apogee, its $50B+ immunology revenue base, pharma's cash generation strength, and emerging frontiers in neuroscience and women's health. [1] — Sam Fazeli "The entire pharma world is chasing obesity drugs worth $100 billion. But AbbVie's two immunology drugs — Skyrizi and Rinvoq — are already a…" 10:08
49% acquisition premium
AbbVie's offer for Apogee Therapeutics represents a roughly 49% premium to Apogee's closing price of $90.38.
AbbVie's $10.9B Apogee Bet on Eczema
AbbVie already has the biggest immunology franchise in pharma with Skyrizi and Rinvoq heading toward $50B+ in combined revenue. Buying Apogee for $10.9 billion gives it a foothold in atopic dermatitis — a massive and underserved eczema market.
You Don't Need Obesity Drugs to Win in Pharma
The entire pharma world is chasing obesity drugs worth $100 billion. But AbbVie's two immunology drugs — Skyrizi and Rinvoq — are already approaching $50 billion combined. Inflammation is a pharma goldmine that doesn't get nearly enough attention.
$50B+ from Skyrizi & Rinvoq
AbbVie's two drugs, Skyrizi and Rinvoq, are approaching well over $50 billion in combined revenue, rivaling the obesity drug market.
Why Every Major Pharma Company Can Afford Big Acquisitions
Big pharma runs at 30%+ operating margins across the board. Even Pfizer, whose stock has halved from pandemic peaks, generates enormous cash with low leverage. These are cash-rich companies, and large all-cash acquisitions are entirely within reach for almost all of them.
Pfizer share price halved from pandemic peak
Pfizer's share price has halved since pandemic peaks, yet the company still generates substantial cash flow with relatively low leverage.
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