Apogee Therapeutics (APGE) Hits Fresh High on AbbVie $10.9B Merger

Apogee Therapeutics Inc. (NASDAQ:APGE) is one of the 10 Stocks Paying Off Big Time.

Apogee Therapeutics soared to a fresh all-time high on Monday, as investors gobbled up shares following announcements that it is set to be acquired by pharmaceutical giant AbbVie Inc. at a 49 percent premium.

In a joint statement on the same day, the two firms said that they have officially inked a definitive agreement for their planned merger for a total of $10.9 billion.

Photo by Pietro Jeng on Pexels

Under the terms of the agreement, AbbVie will acquire all shares of Apogee Therapeutics Inc. (NASDAQ:APGE) at a price of $135.11 apiece, or a 49.5 percent premium over its closing price of $90.38 on Friday, or prior to the announcement.

Following the news, Apogee Therapeutics Inc. (NASDAQ:APGE) climbed to its highest price of $133 before trimming gains to finish the session up by 46.66 percent at $132.55 apiece.

AbbVie said that the acquisition forms part of its efforts to strengthen its portfolio in immunology, given Apogee Therapeutics Inc.’s (NASDAQ:APGE) diverse pipeline of assets focused on elevating the standard of care for patients with dermatologic, respiratory, and other related inflammatory and immunological diseases.

Subject to regulatory approvals, including shareholders, the transaction is expected to be completed in the third quarter of the year.

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