AbbVie (ABBV), the pharmaceutical giant, just made one of the boldest biotech bets in years. On June 22, it announced a $10.9 billion deal to acquire Apogee Therapeutics (APGE), sending the latter clinical-stage biotech stock soaring 46% in a single day. Meanwhile, ABBV stock closed 6.25% higher yesterday despite only a 0.31% year-to-date (YTD) gain.
But the bigger story is why AbbVie is willing to spend so aggressively and how this deal will strengthen the company’s long-term growth story.
