Apogee Therapeutics, Inc. (NASDAQ:APGE) shares fell in early trading on Wednesday after the company announced a strategic financing collaboration with Blackstone Inc.‘s (NYSE:BX) Blackstone Life Sciences and reported positive Phase 2 data for zumilokibart in moderate-to-severe atopic dermatitis.

Blackstone Financing Deal

The collaboration could provide Apogee with up to $1.3 billion in non-dilutive capital, including up to $800 million in synthetic royalty funding and access to $500 million in senior corporate debt.

Apogee said the financing is expected to support the development and commercialization of Zumilokibart without future equity financing.

Positive Phase 2 Results

Zumilokibart met all primary and secondary endpoints with high statistical significance in the Phase 2 APEX Part B trial, supporting plans to advance the mid-dose regimen into Phase 3 trials in 2H 2026.

At Week 16, 65.9% of patients receiving the mid-dose achieved EASI-75, compared with 23.4% on placebo. The high dose achieved 61.6%, while the low dose reached 50.5%.

The mid dose ...