Apogee bags $1.3B Blackstone royalty funding deal to push eczema challenger into phase 3

Apogee Therapeutics has secured up to $1.3 billion in non-dilutive financing from Blackstone Life Sciences (Blackstone) to advance its anti‑IL‑13 antibody, zumilokibart, into Phase 3 trials and potential commercialization in moderate‑to‑severe atopic dermatitis (eczema), asthma, and eosinophilic esophagitis (EoE).

The deal is structured as up to $800 million in synthetic royalty funding plus up to $500 million in senior corporate debt (subject to mutual consent), making it the largest royalty financing to date for a pre‑Phase 3 program.

Blackstone will receive tiered, low‑to‑mid single‑digit royalties on worldwide annual sales of zumilokibart for 15 years, with no royalties on annual global sales above $8 billion; the maximum royalty rate is capped at 6.25% on the first $5 billion in sales and declines at higher sales levels.

Of the $800 million royalty tranche, $100 million is available at signing, another $100 million upon completion of Phase 3 enrollment, $200 million upon positive Phase 3 data, and up to $400 million after FDA approval, helping to fund Phase 3 development and commercialization without additional equity dilution.

Apogee plans to initiate Phase 3 trials for moderate‑to‑severe atopic dermatitis (ADventure program) in the second half of 2026, aiming to position zumilokibart as a potential next‑line first‑choice therapy for eczema and targeting a potential launch around 2029.