AbbVie is nearing a deal to acquire inflammatory disease drug developer Apogee Therapeutics for about $10.9 billion in cash, the Financial Times reported on Friday, citing people familiar with the matter.
The deal under discussion would value Apogee at a roughly 60% premium to its closing share price on Thursday, according to the report.
Shares of Apogee were up 19.7% YTD and has a market capitalization of about $6.81 billion, according to LSEG data.
An announcement could come as early as Monday, provided negotiations are completed without last-minute issues, the FT said.
Apogee last month secured a financing package worth up to $1.3 billion from Blackstone Life Sciences to support the late-stage development and potential commercialization of its lead eczema drug.
The report came after AbbVie won FDA approval for pivekimab sunirine-pvzy, a treatment for a rare blood cancer, further bolstering its pipeline.
AbbVie and Apogee did not immediately respond to Reuters requests for comment. AbbVie’s offices are closed in the United States to observe Juneteenth.
Apogee Therapeutics is a biotechnology company founded in 2022 that develops therapies for inflammatory and immune diseases.
Source: Reuters.com