Apogee Secures $1.3B from Blackstone for Eczema Drug

Apogee Therapeutics Secures Up to $1.3 Billion from Blackstone for Eczema Drug Zumilokibart

Apogee Therapeutics (NASDAQ:APGE) announced a financing deal with Blackstone Life Sciences worth up to $1.3 billion to support late-stage development and potential commercialization of its experimental eczema drug, zumilokibart. The deal includes up to $800 million through a royalty agreement and access to up to $500 million in senior debt.

Mid-Dose Data Impressive, Stock Falls

The company also reported results from a mid-stage trial of zumilokibart. 65.9% 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, compared with 23.4% on placebo. However, the high dose underperformed the mid-dose, leading to mixed results and a nearly 12% drop in premarket trading.

Royalty Agreement with Blackstone and Future Plans

Analysts noted that the stock decline may also be driven by the royalty agreement with Blackstone, which removes the possibility of Apogee being a potential M&A target. Apogee plans to advance the selected mid-dose into late-stage studies in the second half of 2026. If zumilokibart receives FDA approval, Apogee can access up to an additional $400 million in royalty funding.