Baron Capital sold its stake in Apogee Therapeutics following the announcement that AbbVie would acquire the biotechnology company for $135.11 per share, a 49.5% premium over the prior day's close. The sale was disclosed in the Baron Health Care Fund's second-quarter 2026 investor letter, which noted that favorable stock selection in biotechnology was mostly attributable to the acquisition target. Apogee Therapeutics, a clinical-stage company developing biologics for inflammatory and immunology indications, had a market capitalization of $10.11 billion and a 52-week trading range of $34.34 to $134.46. The fund gained 11.99% during the quarter, outperforming the Russell 3000 Health Care Index's 10.48% gain but trailing the broader Russell 3000 Index's 15.44% return.
Apogee Therapeutics, Inc. Common StockAcquisition at $135.11 per share, a 49.5% premium, is positive for shareholders.
AbbVie IncAcquiring Apogee at a premium expands AbbVie's pipeline, though the article focuses on Baron's exit.
