AbbVie is looking to raise a significant amount of debt, at least $8 billion, to finance its acquisition of Apogee Therapeutics. The pharmaceutical giant entered into a definitive agreement on June 18, 2026, to acquire Apogee for $135.11 per share in cash, valuing the total equity of the deal at approximately $10.9 billion. Apogee is a clinical-stage biotechnology company focused on treatments for inflammatory conditions such as atopic dermatitis and asthma.
To facilitate the funding, AbbVie secured a new $10.0 billion 364-day senior unsecured delayed draw term loan facility on July 10, 2026. The proceeds from the current debt offering will reduce commitments under this term loan facility. The acquisition is anticipated to close in the third quarter of 2026, pending regulatory and shareholder approvals.
The current debt offering is not contingent on the acquisition, nor is the acquisition contingent on the debt offering. However, if the acquisition agreement is terminated, AbbVie is obligated to redeem certain "Mandatorily Redeemable Notes" at 101% of their principal amount plus accrued interest. The company also has existing credit facilities, including a $3.0 billion five-year revolving credit facility and a $5.0 billion five-year revolving credit facility, in addition to a $2.0 billion fixed-rate term loan facility.
