AbbVie to acquire Apogee for $135.11 per share
Apogee Therapeutics is set to be acquired in an all-cash merger.
Sentiment and the balance of points
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Rhea-AI Filing Summary
Apogee Therapeutics is set to be acquired in an all-cash merger. An investor group led by Fairmount Funds reports beneficial ownership of up to 6,808,789 Apogee common shares, or 9.99% of the company, through common, non-voting common, and vested options.
Apogee agreed to merge with Andor Merger Co., a subsidiary of Andor LLC and ultimately AbbVie Inc. At closing, each Apogee common share will be converted into the right to receive $135.11 in cash, excluding certain shares. Fairmount Healthcare Fund II entered a Voting Agreement committing its shares to support the merger and related proposals and to oppose competing transactions, subject to specified conditions.
The group collectively has voting and dispositive power over 6,790,369 common shares, and Fund II holds 6,743,321 non-voting shares subject to a 9.99% beneficial ownership cap. The amendment also notes director Peter Harwin’s resignation from Apogee’s board, stated as not arising from any disagreement with the company.
Positive
- Definitive cash merger terms: Each Apogee common share is to be converted into the right to receive $135.11 in cash under the Merger Agreement with Andor LLC, a subsidiary of AbbVie Inc., providing clear transaction economics for shareholders.
Negative
- None.
Insights
Cash merger at $135.11 per share with locked-up 9.99% holder.
The update shows AbbVie’s Andor LLC agreed to acquire Apogee Therapeutics via merger, with each common share receiving $135.11 in cash. A substantial shareholder group led by Fairmount Funds discloses ownership near the 9.99% cap.
Fund II and related parties control voting and dispositive power over 6,790,369 common shares and hold additional non-voting shares subject to a 9.99% beneficial ownership limitation. This structure constrains how much of Apogee’s equity they can convert while preserving disclosure and regulatory thresholds.
The Voting Agreement commits this large holder to support the Merger Agreement, adjournments needed to secure approvals, and to oppose alternative deals or board changes that could impede the transaction. The agreement has clear termination triggers tied to the merger’s status, so actual closing still depends on obtaining the stated stockholder approvals and satisfying customary conditions.
Key Figures
Key Terms
Non-Voting Common Stock financial
beneficial ownership limitation financial
Agreement and Plan of Merger financial
Voting Agreement financial
irrevocable proxy financial
Required Company Stockholder Approvals financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in Apogee Therapeutics (APGE) does Fairmount report?
What are the key terms of the Apogee Therapeutics cash merger?
What voting commitments did Fairmount Healthcare Fund II make regarding APGE?
What is the beneficial ownership limitation on Apogee’s non-voting common stock?
Did a Fairmount-affiliated director leave Apogee’s board before the merger?
AI-generated analysis. How Rhea-AI works. Not financial advice.