AbbVie is raising at least $8 billion through an investment-grade bond offering to finance a portion of its $10.9 billion acquisition of Apogee Therapeutics, according to a debt prospectus filed August 4, 2026.
The pharmaceutical giant announced the Apogee deal in June as a way to deepen its immunology portfolio. The $8 billion debt raise covers roughly 73 percent of the total acquisition price, with the remainder funded through cash on hand and other financing mechanisms.
Apogee Therapeutics focuses on immunology treatments, an area where AbbVie has maintained significant market presence through drugs like Rinvoq and Skyrizi. The company's pipeline includes compounds in development for conditions ranging from atopic dermatitis to ulcerative colitis.
Investment-grade debt issuance has remained a standard M&A financing tool for large pharmaceutical acquisitions. AbbVie's $8 billion raise ranks within the typical range for deals of this size in the sector, though it represents a substantial single tranche for the company.
The debt offering comes as AbbVie manages its capital structure following years of major acquisitions. The company previously acquired Allergan for $63 billion in 2020 and invested in Stem Cell Medicine Limited in 2023.
AbbVie has not disclosed the coupon rates or maturity dates for the bond offering. Terms are expected to price based on current investment-grade market conditions. The company has a strong credit rating and regular access to capital markets, factors that typically result in favorable borrowing rates for large pharmaceutical issuers.
