US Stock Market Move | AbbVie, Inc. (ABBV.US) rises 6% to acquire Apogee for $10.9 billion.

On Monday, AbbVie, Inc. (ABBV.US) rose 6% to $229.62. In terms of news, on June 22nd, AbbVie signed a definitive acquisition agreement with Apogee Therapeutics to acquire all outstanding shares of Apogee for $135.11 per share in cash, with a total equity value of approximately $10.9 billion. This acquisition will complement AbbVie's immunology product portfolio and accelerate its presence in the respiratory disease field. AbbVie Chairman and CEO Robert Michael stated in a press release that Apogee's highly differentiated pipeline "perfectly aligns with AbbVie's strategic direction". Citigroup analysts noted that given the phase 2 clinical data of zumilokibart, the scarcity of high-quality immune assets, and Apogee's recent strengthening of its independent position with a $13 billion financing from Blackstone, the premium paid by AbbVie is "not excessive".