Blackstone invests $250M in Anagram Therapeutics

Blackstone Life Sciences is building a rare-disease platform around a clinical-stage biopharmaceutical company that could reshape treatment for exocrine pancreatic insufficiency.

The firm has put $250 million into Anagram Therapeutics, a develo, in a deal that establishes a dedicated platform for Blackstone in metabolic conditions.

Anagram's lead candidate, ANG003, targets EPI stemming from cystic fibrosis, pancreatic cancer, and related disorders.

The condition forces patients to take up to 40 pills daily to replace missing digestive enzymes — a burden Anagram aims to cut dramatically with a non-porcine extract formulation.

Positive clinical data in CF patients has de-risked the program and positions ANG003 as the first product of its kind if approved.

The company will use the capital to complete late-stage development, secure regulatory approvals, and fund initial commercial infrastructure.

Anagram's management team, built around deep expertise in enzyme replacement and rare metabolic diseases, stays in place.

Blackstone's life sciences arm brings capital and operational resources to accelerate the program toward market while scouting follow-on acquisitions that can plug into the platform.

For Blackstone, the investment moves the firm further into a biopharma niche where target patient populations are small but product economics and unmet need are large.

The deal adds a late-stage asset with a clear regulatory pathway and a commercialization timeline that matches the firm's holding period preferences.

No other financial terms or advisory firms were disclosed.