Ropes & Gray advised Blackstone Life Sciences in a strategic financing collaboration with Apogee Therapeutics for up to $1.3 billion in flexible, non-dilutive total capital to support the continued development and potential commercialization of zumilokibart, initially developed for the treatment of atopic dermatitis. The transaction was announced on May 27.
Under the agreement, Blackstone will provide up to $800 million of synthetic royalty funding in exchange for tiered royalties for a term of 15 years on worldwide annual sales of zumilokibart, and diminish once global annual sales exceed $8 billion. The collaboration includes access of up to $500 million of senior debt available at the mutual consent of Apogee and Blackstone.
The Ropes & Gray team was led by life sciences licensing partner Abby Gregor and associate James Gould and included IP transactions partner Melissa Rones, private equity partner Milap Patel, business restructuring partner Cristi Schwarzman and IP transactions counsel Ryan Murphey.
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