Blackstone backs Apogee’s atopic dermatitis therapy as it heads to Phase III

A royalty and debt agreement with Blackstone offers Apogee an avenue to sustainability, and could become one of the firm’s biggest life sciences deals yet.

Blackstone Life Sciences (BXLS) has committed $800 million in tranched royalty funding to Apogee Therapeutics Inc. (NASDAQ:APGE) to support a planned Phase III program and subsequent launch of zumilokibart, an antibody inhibitor of IL-13 that binds to FCRN. The unit of Blackstone Inc. (NYSE:BX) has also agreed to provide up to $500 million in debt, for a total deal value of $1.3 billion...