Blackstone Life Sciences committed $250 million to Anagram Therapeutics, backing development of an oral enzyme replacement therapy for patients with exocrine pancreatic insufficiency. The deal positions Anagram to scale clinical and manufacturing work behind a non-injectable approach aimed at improving patient convenience and adherence. For investors, the transaction highlights a continued focus on digestive disease platforms where route-of-administration can materially shift real-world uptake. The funding also reinforces Blackstone Life Sciences’ preference for growth-stage opportunities aligned with measurable differentiation in therapeutic delivery.