Jun. 20 at 3:59 PM
$LUCD ABBV "closing in" on APGE for
$10.9 billion. Apogee has no FDA approved products or revenue...yet. Pipeline mostly in Phase 1 & 2...main product for Atopic Dermatitis (Zumilokibart), expected to enter ph 3 later this year.
$1.3 bil cash on balance sheet in early May (took runway into 2029). And a subsequent
$1.3 bil financing collab with Blackstone Life Sciences for their main drug/royalty deal.
According to google....the approximate TAM for their pipeline is
$30-40+ bil (Atopic Dermatitis, Asthma, respiratory, etc)....If they get approval they will compete against large, entrenched players such as REGN/SNY (Dupixent), LLY, etc....Their differentiator apparently is less frequent dosing...for example 2-4x doses/yr vs 26 for Dupixent.
Anyway, just food or thought on TAMs, valuations, etc. etc.
https://www.ft.com/content/cb5e94aa-1687-47fe-b55a-82e273e8b1bd
https://apogeetherapeutics.com/pipeline
https://investors.apogeetherapeutics.com/news-releases/news-release-details/apogee-therapeutics-announces-13-billion-strategic-financing
