Apogee Secures $1.3B from Blackstone for Eczema Drug
Apogee Therapeutics Secures Up to $1.3 Billion from Blackstone for Eczema Drug
Apogee Therapeutics (NASDAQ:APGE) announced positive results from a mid-stage trial of its experimental eczema drug zumilokibart and secured a financing deal worth up to $1.3 billion with Blackstone Life Sciences. The deal will support late-stage development and potential commercialization.
Trial Results
In the trial of 346 adult patients, 65.9% on the mid-dose and 61.6% on the higher dose achieved at least a 75% improvement in eczema severity after 16 weeks, compared to 23.4% on placebo. The drug met all primary and secondary goals.
CEO Comments
CEO Michael Henderson addressed concerns about the high dose underperforming the mid-dose, stating that the mid-dose provides a clear path forward and is a great go-forward dose. He added, "We think there's a clear path forward for this being the frontline drug of choice in AD."
Financing Details
The Blackstone deal includes up to $800 million through a royalty agreement and access to up to $500 million in senior debt. If zumilokibart receives FDA approval, Apogee can access an additional $400 million in royalty funding.
Future Plans
Apogee plans to advance the mid-dose into late-stage studies in the second half of 2026 and is also exploring zumilokibart for asthma and COPD, with an asthma study expected to begin in the first half of 2027. The company is following the path laid out by Regeneron's Dupixent.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
Regeneron Pharmaceuticals, Inc.
Apogee is following Regeneron's Dupixent path, but zumilokibart is still early-stage. No direct competition or impact is expected, so the effect on REGN is limited.
Apogee Therapeutics, Inc.
The mid-dose outperforming the high dose led to mixed results, causing the stock to fall 6%. While the Blackstone financing is positive, uncertainty around trial results may pressure the stock in the near term.
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