M&A · Healthcare · Biological Products, (No Diagnostic Substances)
AbbVie Inc. to acquire Apogee Therapeutics, Inc.
Announced Jun 22, 2026 · Closed Sep 3, 2026
Deal value$10.90BEV $10.45B
Premium53.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$135.11 per share
Transaction
- Acquirer
- AbbVie Inc. (ABBV)
- Target
- Apogee Therapeutics, Inc. (APGE)
- Buyer type
- Strategic
- Offer price per share
- $135.11
- Enterprise value
- $10.45B
- Status
- Closed Sep 3, 2026
Deal protections
- Break fee (target pays)
- $381M · 3.5%
- Reverse fee (buyer pays)
- $381M · 3.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Jefferies, Goldman Sachs
- Goldman Sachs fee
- $65.0M
- Jefferies fee
- $33.0M
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- 53.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedJun 22, 2026
- Proxy filedJul 2, 2026
- Definitive proxyJul 13, 2026
- Shareholder voteAug 11, 2026
- ClosedSep 3, 2026
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$98.90$119.20
Premiums paidGoldman Sachs$126.05$149.30
Precedent transactionsJefferies$117.65$151.35
Discounted cash flowJefferies$98.90$119.20
Offer $135.11
Implied value per Apogee Therapeutics, Inc. share by analysis, from Goldman Sachs and Jefferies · DCF discount rate 12%–14%.