Apogee Secures $1.3 B Blackstone Funding for Zumilokibart Late-Stage Trials
APGE•Blackstone will provide up to $1.3 billion—$800 million royalty financing and $500 million debt—to finance Apogee Therapeutics’ development of zumilokibart after mid-stage trial data showed 66% of 346 patients achieved ≥75% skin lesion improvement in 16 weeks. The deal boosts Apogee’s cash runway, enabling Phase 3 trials this year and targeting approval by 2029.
1. Blackstone Financing Terms
Apogee Therapeutics entered a financing agreement with Blackstone to receive up to $1.3 billion, comprising $800 million in synthetic royalty funding and $500 million in senior corporate debt. The royalty funding will be released in stages—initial $100 million on signing, further payments on Phase 3 milestones and FDA approval—and carries low-to-mid single-digit royalties on sales below $8 billion.
2. Clinical Trial Results
In a 346-patient mid-stage atopic dermatitis trial, approximately two-thirds of participants receiving the mid-range dose of zumilokibart saw at least 75% lesion clearance after 16 weeks versus placebo. Apogee positions the drug as a more convenient Dupixent rival, targeting a distinct pathway and offering longer dosing intervals.
3. Financial Position and Runway
Prior to this deal, Apogee held about $1.3 billion in cash. The additional Blackstone financing nearly doubles the company’s cash resources, supporting late-stage development and planned commercialization of zumilokibart without the need for further equity issuances.
4. Development Timeline and Outlook
Apogee aims to initiate Phase 3 studies this year pending regulatory feedback, with a target approval date in 2029. The company is also advancing zumilokibart in asthma indications, leveraging the enhanced capital base to fund multiple development programs.
