10 Trillion Won Big Deal Approaching for New Atopic Dermatitis and Asthma Drugs

Under the acquisition agreement between Apogee Therapeutics, Inc. (APGE) and AbbVie Inc. (ABBV), AbbVie will purchase all of Apogee’s outstanding shares in an all-cash transaction at $135.11 per share, implying a company valuation of approximately $10.9 billion (around KRW 14.7 trillion).

This transaction is intended to integrate Apogee’s inflammatory and immunology antibody pipeline—including the atopic dermatitis candidate zumilokibart (APG777) and the asthma candidate APG273—into AbbVie’s portfolio. Both companies’ boards of directors have unanimously approved the deal, which is expected to close in the third quarter of 2026.

On June 10, Apogee CEO Michael Henderson sold tens of thousands of common shares on the open market under a prearranged trading plan, raising approximately $1.62 million (around KRW 2.2 billion) in cash. Following the sale, he still holds over one million shares, retaining a significant ownership stake.

In its most recent fiscal‐year results announcement, Apogee reported positive interim data from key clinical trials, including the APEX Phase 2 study in atopic dermatitis, and stated that its existing cash reserves are sufficient to fund operations through the second half of 2028. The company also plans to disclose additional details in 2026 on follow-up clinical trials and combination-therapy development for its atopic dermatitis and asthma indications, maintaining the development timeline for its core assets independently of the acquisition negotiations.

Founded in 2023, Apogee is a clinical-stage biotechnology company developing long-acting antibody therapies targeting large inflammatory and immunological disease markets, including atopic dermatitis, asthma, eosinophilic esophagitis and chronic obstructive pulmonary disease (COPD). With the biopharmaceutical markets for atopic dermatitis and asthma rapidly expanding, major pharmaceutical companies facing imminent patent expirations on their original products are increasingly bolstering their pipelines through acquisitions of emerging biotech firms, and this transaction is viewed as part of that broader trend.