AbbVie announced on June 22 a $10.9 billion takeover of Apogee Therapeutics, aiming to strengthen its immunology portfolio following the loss of exclusivity for its blockbuster drug Humira.
At the center of this transaction is Apogee’s lead inflammatory asset, zumilokibart. BMO Capital Markets analysts said, “Apogee bolt-on acquisition fits naturally with AbbVie’s existing I&I portfolio,” after reports surfaced that AbbVie was nearing a deal with Apogee. RBC Capital Markets described the agreement as mutually beneficial, stating, “Given the premium paid, we view this as an optimal outcome for APGE, and given the strategic fit for ABBV . . . as a commercial I&I leader, we believe the deal makes sense and that ABBV is an ideal acquirer to maximize zumi’s potential.”
Since losing exclusivity on Humira—a drug that led industry sales for six years—AbbVie has focused on other products such as Skyrizi and Rinvoq. After reaching peak sales of $21.2 billion in 2022, Humira's revenue fell to $14.4 billion in 2023 when biosimilar versions entered the market. Despite this decline, BMO analysts said in February 2025 that AbbVie has “finally fully moved on from the narrative of the Humira” loss of exclusivity.
Skyrizi and Rinvoq have played key roles in supporting AbbVie's revenues post-Humira. Skyrizi brought in $17.6 billion last year after growing nearly 50 percent and is approved for multiple immune indications including severe plaque psoriasis and inflammatory bowel diseases. Rinvoq grew almost 39 percent in 2025 to reach $8.3 billion.
Zumilokibart is being developed as a long-acting IL-23-blocking antibody for atopic dermatitis treatment and could offer advantages over Regeneron and Sanofi’s Dupixent due to its dosing schedule; while Dupixent requires injections every two weeks, zumilokibart can be administered every three to six months, according to BMO analysts, who also said it appears “slightly improved” versus Dupixent with a “differentiated dosing profile.”
Phase 2 data released last month showed that between about half and two-thirds (50.5%–65.9%) of patients treated with zumilokibart saw a significant improvement (75%) in atopic dermatitis severity at week sixteen compared with just under one quarter (23.4%) among those receiving placebo treatment; comparable studies found placebo-adjusted rates ranging from 32%–37% for Dupixent.
