ABBV is trading 3.4% higher at $251.38 following the announcement of a $10.9 billion all-cash acquisition of Apogee Therapeutics to expand its immunology pipeline.
- The deal adds high-potential clinical-stage therapies for inflammatory and immunological diseases, a key area of focus for the company.
- The acquisition is a strategic move to secure long-term growth and diversify revenue streams beyond its blockbuster drug, Humira.
- Investors are rewarding the expansion move, with the stock outperforming the broader market despite general weakness in the indices.