AbbVie Inc. agreed to pay as much as $2.2 billion for a next-generation obesity drug from Danish biotech Gubra A/S, marking its entry into the hyper-competitive weight-loss market. Tether Holdings SA, issuer of the biggest stablecoin cryptocurrency, said its longtime chief financial officer and controlling shareholder Giancarlo Devasini will transition into a new role as chairman of the firm. Philip Morris International Inc. is exploring a potential sale of its cigar business in the US, people familiar with the matter said, as the tobacco maker continues its shift toward smoke-free products. Allegro Microsystems Inc. is drawing takeover interest from larger competitor ON Semiconductor Corp., according to people familiar with the matter. AppLovin Corp. modified the current limit of its share repurchase program, which had about $1.77 billion remaining. Chipotle Mexican Grill Inc. was upgraded to overweight from equal-weight at Morgan Stanley. Southwest Airlines Co. was downgraded to underweight from neutral at JPMorgan Chase & Co., which cited its surging valuation premium. Capri Holdings Ltd. is moving closer to a sale of its Italian luxury brand Versace to Prada SpA, according to people familiar with the matter.