Apogee Therapeutics secured up to $1.3 billion in non-dilutive financing from Blackstone Life Sciences to fund Phase 3 development of zumilokibart (anti-IL-13) for moderate-to-severe atopic dermatitis later this year. The structure combines up to $800 million in royalty financing with up to $500 million in senior corporate debt, with milestone-linked access. The deal ties funding tranches to clinical and regulatory milestones, and it follows Apogee’s reported Part B induction data from its Phase II APEX trial. In that update, Apogee said 65.9% of patients achieved a 75% or greater reduction in eczema severity at 16 weeks, supporting the company’s Phase 3 roadmap. From a capital-markets lens, the financing provides a late-stage runway extension without dilution and highlights investor appetite for differentiated biologics where payer coverage and dose durability can be central differentiators.