Blackstone Life Sciences backs Apogee with $1.3bn royalty and debt package

Blackstone Life Sciences has agreed a strategic financing collaboration of up to $1.3bn with Apogee Therapeutics.

The financing will provide the clinical-stage biotechnology group with non-dilutive capital to push its lead drug candidate zumilokibart through Phase 3 trials and into commercialisation.

The package, announced on 27 May, combines up to $800m of synthetic royalty funding with access to as much as $500m in senior corporate debt. According to Blackstone, it ranks as the largest royalty financing ever completed for a pre-Phase 3 programme.