AbbVie is preparing a debt offering of at least $8 billion to help fund its acquisition of Apogee Therapeutics. This move comes after the company secured a $10 billion, 364-day senior unsecured delayed draw term loan facility on July 10, 2026, with Morgan Stanley Senior Funding, Inc., to cover the Apogee deal. The proceeds from this new bond issuance will be used to reduce the commitments under this existing term loan facility.
AbbVie's acquisition of Apogee Therapeutics, a clinical-stage biotechnology company focused on inflammatory conditions, was announced on June 18, 2026. Under the agreement, AbbVie will acquire all outstanding shares of Apogee for $135.11 per share in cash, totaling approximately $10.9 billion. The deal is expected to close in the third quarter of 2026, pending regulatory and shareholder approvals.
The bond offering is not contingent on the acquisition's completion. However, if the acquisition agreement is terminated, AbbVie has committed to a special mandatory redemption for most of the new notes, buying them back at 101% of their principal amount plus accrued interest. This mechanism provides a safety net for investors in the event the deal falls through, though certain long-term notes will not be subject to this redemption. The company also stated that the net proceeds would be used for general corporate purposes, including potential debt repayment or repurchase.
