Apogee Therapeutics garners $1.3 bn Blackstone financing to advance eczema drug

Apogee Therapeutics announced a financing deal with Blackstone Life Sciences worth up to $1.3 billion, comprising up to $800 million through a royalty agreement and up to $500 million in senior‑debt facilities. The funding will support late‑stage development and possible commercialization of its experimental eczema drug, zumilokibart, aimed at moderate‑to‑severe atopic dermatitis.

In a mid‑stage trial of 346 adults, the drug met all primary and secondary endpoints. Sixty‑five point nine percent of patients on the mid‑dose and 61.6 % on the higher dose achieved at least a 75 % improvement in eczema severity after 16 weeks, versus 23.4 % on placebo. Analysts noted the high dose underperformed the mid‑dose, leading to mixed efficacy signals and a share‑price decline of roughly 12 % in pre‑market trading and about 6 % later in the day. CEO Michael Henderson said the mid‑dose offers a clear path forward and positioned the drug as a potential frontline therapy for atopic dermatitis, with plans to test it in asthma in early 2027 and explore chronic obstructive pulmonary disease later.

If the U.S. FDA grants approval, Apogee could access an additional $400 million in royalty funding. “This is the largest royalty financing for a pre‑Phase 3 program to date,” said Kiran Reddy of Blackstone Life Sciences.