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Apogee Therapeutics, Blackstone Life Sciences Enter Financing Collaboration of Up to $1.3 Billion

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Apogee Therapeutics (APGE) entered a strategic financing collaboration with Blackstone (BX) Life Sciences for up to $1.3 billion in non-dilutive capital to support Phase 3 development and potential commercialization of zumilokibart, the company said Wednesday.

The financing consists of up to $800 million in synthetic royalty funding and up to $500 million in senior corporate debt available at the mutual consent of Apogee and Blackstone.

Under the agreement, Blackstone will provide royalty financing in exchange for low- to mid-single-digit tiered royalties on global sales of zumilokibart over 15 years, with the first $400 million in preapproval funding paid in staged tranches, including $100 million at signing, $100 million upon completion of Phase 3 enrollment and $200 million upon positive Phase 3 data.

Apogee said the deal, along with its $1.3 billion cash balance, is expected to fund the company through commercialization without additional equity financing.

Shares of Apogee Therapeutics were down more than 17% in Wednesday premarket trading.

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