Shot:
- Apogee will receive ~$1.3B in flexible, non-dilutive capital from Blackstone, incl. ~$800M of synthetic royalty & ~$500M in senior debt available at the mutual consent of both parties, to support the late-stage development & potential commercialization of zumilokibart
- Blackstone will provide ~$800M in synthetic royalty funding to Apogee in exchange for 15-year tiered royalties on global Zumilokibart sales, with royalties declining by sales tier & eliminated above $8B annual sales; the deal also incl. change-of-control provisions & an option to repurchase a significant portion of the royalty
- The first $400M in preapproval funding will be provided in 3 tranches: $100M at signing, $100M upon P-III enrollment completion, & $200M upon positive P-III data, with an additional ~$400M available post-FDA approval, incl. $150M at Apogee’s option
Ref: Globenewswire | Image: Apogee & Blackstone | Press Release
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