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AbbVie’s $11 Billion Eczema Gamble Runs Deeper!

AbbVie Inc. is reportedly nearing an all-cash deal to acquire Apogee Therapeutics for roughly $10.9 billion, a price that would represent a steep premium for a biotech founded only in 2022. On the surface, this looks like a bold bet on eczema, one of the most common and visible inflammatory skin conditions. But the real story is broader than one disease. AbbVie is already showing strong post-Humira momentum, with Skyrizi and Rinvoq driving growth across immunology and dermatology, while management has made it clear that external innovation remains a central part of the company’s strategy. Apogee’s lead eczema program, recently supported by a major Blackstone Life Sciences financing package, could therefore fit into a larger effort to protect AbbVie’s leadership in immunology before the next wave of competition arrives.