Apogee Therapeutics went to bed Friday at about $90 a share. It woke up Monday worth $132 and change. By Tuesday, most analysts had stopped covering it with a buy rating. When AbbVie announces it wants to pay $135.11 per share in cash for your company, there is not much left to analyze.
The deal, announced June 22, values Apogee at roughly $10.9 billion. That is a 49% premium over Apogee’s closing price before the announcement. The transaction is expected to close in the third quarter of 2026, pending regulatory review and shareholder approval.
This is a merger arbitrage trade now, not an equity investment.
This post originally appeared at Money Morning.