Apogee Therapeutics secures up to $800 million royalty deal with Blackstone Life Sciences to fund Phase 3 trials of eczema drug zumilokibart.

The company made the announcement after a new round of research results bolstered the case for the experimental medicine, which may ultimately compete against Dupixent and Ebglyss.

Apogee shares fell after announcing a $1.3 billion Blackstone financing deal alongside positive Phase 2 eczema drug results.