Monday's Deal Table: Abbvie Buys Apogee For $10.9 Billion And CRH Takes Arcosa For $8.5 Billion, Both All-Cash
AbbVie (NYSE: ABBV) said Monday it will acquire Apogee Therapeutics (Nasdaq: APGE) for $10.9 billion all-cash at $135.11 per share - a 49.49% premium and AbbVie's largest buyout in more than five years - to expand its immunology and respiratory pipeline, led by the eczema candidate zumilokibart. According to Reuters, Apogee surged about 48% to $133.77 in premarket trading while AbbVie rose about 1.3%.
Apogee trading at $133.77 against a $135.11 cash offer leaves almost no spread, a sign the market sees little risk to a deal this clean.
AdvertisementCRH takes ArcosaCRH (NYSE: CRH) agreed to acquire infrastructure and building-products maker Arcosa (NYSE: ACA) at $150 per share all-cash, an enterprise value of about $8.5 billion. CRH framed the price as a 25% premium to Arcosa's 60-day volume-weighted average price (VWAP) as of June 18, which Reuters and CNBC noted was about 10.4% above the prior close. Arcosa rose about 7.5% to $146 in premarket trading while CRH was roughly flat.
CRH anchoring its premium to a 60-day VWAP rather than the last close is a tell that the stock had already run, softening the effective premium to about 10% on the day.
Both deals are all-cash, which removes share-price risk for sellers. Apogee holders get $135.11 and Arcosa holders $150 in cash, so neither payout depends on how the acquirer's stock trades before closing.
AbbVie is paying up for an immunology pipeline. The $10.9 billion price is a 49.49% premium and AbbVie's largest deal in more than five years, centered on Apogee's lead eczema candidate zumilokibart.
The two deals led an otherwisequiet tape.
Disclosure: Any share or index prices referenced are intraday or premarket, captured at the timestamps in the source data, and are not closing levels. Several intraday moves are sourced from market live-blogs and aggregators and should be confirmed against a live feed at publication. This article is editorial market commentary and interpretation, not investment advice. Forecasts, analyst estimates, deal terms, and company figures are attributed to their named sources.
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