Apogee Stock in Focus After Blackstone Announces $1.3 Billion Deal
Apogee Therapeutics stock was flat late Thursday, ticking up 22 cents to $77.82. Investors kept sizing up a big cash injection from Blackstone, while fresh data on Apogee's top eczema drug stayed in the mix. The biotech, listed on Nasdaq, showed a market cap near $5.42 billion. Volume topped 1.2 million shares. Apogee is moving out of the “promising mid-stage story” phase and into late-stage drug development, with outside capital now secured. Blackstone Life Sciences has agreed to invest up to $1.3 billion, structured as up to $800 million in a synthetic royalty—cash up front for a piece of future sales—and as much as $500 million in senior debt.