AbbVie to Buy Apogee Therapeutics for $10.9 Billion in Cash (2)

AbbVie Inc. agreed to buy Apogee Therapeutics Inc. for $10.9 billion to bolster its anti-inflammatory drug portfolio amid growing competition for its best-selling product, Skyrizi.

The all-cash deal reflects a roughly 49% premium to Apogee’s closing price of $90.38 on Thursday, the last trading day before US markets were closed for the Juneteenth holiday. The acquisition, AbbVie’s largest in years, is expected to close in the third quarter, the companies said in a statement.

Long a leader in the anti-inflammatory market, AbbVie is facing new rivals for Skyrizi, a psoriasis drug that succeeded Humira as ...