Apogee Therapeutics Secures Up to $1.3B from Blackstone for Eczema Treatment

Apogee Therapeutics APGE secured a strategic financing collaboration with Blackstone Life Sciences worth up to $1.3 billion in non-dilutive capital to advance Phase 3 development and commercialization of its atopic dermatitis (eczema) drug zumilokibart,. The structure includes up to $800 million in synthetic royalty funding plus up to $500 million in senior debt, with Blackstone receiving tiered low-to-mid single-digit royalties on worldwide sales over a 15-year period,.

The capital lets Apogee fund commercialization without further equity raises, and the company removed its prior cash-runway guidance,. Apogee shares moved on the news, though some investors flagged the long-dated royalty obligation as a drag on future per-unit economics ,.

Zumilokibart targets the large moderate-to-severe atopic dermatitis market, where it would compete with established biologics such as Sanofi and Regeneron's Dupixent and Eli Lilly's Ebglyss. Apogee's Phase 2 APEX trial met its endpoints, with 65.9% of mid-dose patients achieving EASI-75 versus 23.4% on placebo, underpinning the case for the Phase 3 program the Blackstone capital now funds.

Related Stocks

• BX
• APGE