Apogee Therapeutics secured access to as much as $1.3 billion of flexible, non-dilutive capital from Blackstone Life Sciences in May 2026, only weeks before announcing a definitive agreement to be acquired by AbbVie for approximately $10.9 billion.
The Blackstone financing was designed to support Phase 3 development and potential commercialization of Apogee’s lead immunology program, zumilokibart. Combined with Apogee’s existing cash position, the financing was expected to enable the company to reach a self-sustaining financial profile through commercialization without requiring additional equity financing.
In June, AbbVie agreed to acquire all outstanding Apogee shares for $135.11 per share in cash, giving the transaction a total equity value of approximately $10.9 billion. The deal is expected to close during the third quarter of 2026, subject to shareholder approval, regulatory approvals and other customary closing conditions.
The sequence of events followed positive Phase 2 results for zumilokibart in moderate-to-severe atopic dermatitis. The APEX Part B study met its primary and secondary endpoints, with 65.9% of patients receiving the selected mid-dose regimen achieving EASI-75. Apogee selected that dose for its planned Phase 3 program.
Apogee also plans to expand development into eosinophilic esophagitis and asthma. Its ELEVATE Phase 2a study is expected to begin in the second half of 2026, while the approximately 500-patient ASPIRE Phase 2b asthma study is planned for the first half of 2027.
KEY QUOTES:
“The strength of our Phase 2 APEX Part B results further demonstrated the potential of zumilokibart to redefine treatment for patients with moderate-to-severe atopic dermatitis while reinforcing its broader pipeline-in-a-product opportunity across inflammatory diseases. These results, followed by our strategic financing collaboration with Blackstone Life Sciences and the now pending acquisition by AbbVie, reflect the progress our team has made in advancing a differentiated immunology portfolio.”
Michael Henderson, M.D., CEO of Apogee Therapeutics
