Apogee Therapeutics secured up to $1.3 billion from Blackstone Life Sciences—$800 million synthetic royalties and $500 million senior debt—to fund Phase 3 development and commercialization of zumilokibart. With $1.3 billion existing cash, the transaction removes need for future equity raises.
Apogee entered into a strategic agreement with Blackstone Life Sciences for up to $1.3 billion in non-dilutive capital, comprising $800 million of synthetic royalty funding and up to $500 million of senior corporate debt to advance zumilokibart through Phase 3 and beyond.
Combined with Apogee’s existing $1.3 billion cash balance, the deal establishes a self-sustaining financial profile for commercialization, leading the company to remove its cash runway end-date guidance and avoid future equity raises.
The $800 million synthetic royalty is structured in two $400 million tranches—preapproval funding tied to Phase 3 enrollment and positive data, and post-approval funding—earning Blackstone low-to-mid single-digit royalties over 15 years with no royalties above $8 billion in annual sales.
Apogee will host a webcast at 8:00 a.m. ET to discuss Apex Phase 2 Part B results and the Blackstone financing details, offering investors insights into clinical progress and funding deployment.
