Blackstone Life Sciences, fresh off one of the
largest private investment funds
in industry history, is putting $250 million to work on a little-known biotech seeking to drastically reduce the number of pills many cystic fibrosis patients have to take each day.
The biotech, called Anagram Therapeutics, is entering a global
Phase 2
trial this year in a condition called exocrine pancreatic insufficiency, or EPI, in people with cystic fibrosis.
In EPI, mucus disrupts the pancreatic ducts and creates a roadblock for digestive enzymes. That can lead to gastrointestinal issues, a low uptake of nutrients, difficulty in breaking down food and other symptoms. It also impacts people with other ailments, such as pancreatic cancer.
Current treatment is an oppressive regimen of pills, with patients taking as many as 40 tablets a day, according to the company. Anagram’s oral enzyme replacement therapy, ANG003, would be taken once per meal. Blackstone said in a
press release
that it expects to fund the “development, approval and launch” of ANG003.
Blackstone’s life sciences team has invested hundreds of millions of dollars in single-asset programs at large pharma companies, such as an
antibody-drug conjugate
and an
anti-TL1A
. But the investor also backs
biotech companies
, often serving as the
main investor
and with the goal of getting them to key clinical data, an
M&A exit
or taking a drug to market.
Anagram released early
Phase 1
clinical data
in September 2024. Those results in 51 patients showed “a robust increase in DHA and EPA fatty acid absorption as well as a favorable safety and tolerability profile,” CEO Robert Gallotto said at the time.
The biotech is now putting together a Phase 2 to compare ANG003 to Creon, a pancreatic enzyme replacement therapy (PERT) that has been approved for more than 15 years. Other approved PERTs include Pertzye, or pancrelipase.
Creon was approved in 2009
based on
a placebo-controlled crossover study in 32 patients, meaning Anagram’s Phase 2 could potentially support regulatory approval, according to a source familiar with Anagram’s thinking. Anagram’s trial is slated to enroll 113 patients and collect primary data in July 2027, according to the clinical study registry.
The company said it anticipates ANG003 will be the first non-porcine extract product. Pertzye and Creon come from porcine enzymes, which requires pig slaughtering.
“The large unmet need in EPI is clear as gastrointestinal symptoms and global supply issues for existing porcine derived products continue to be a real problem,” Kiran Reddy, senior managing director at Blackstone, said in a press release.
Much of Anagram’s R&D to date had been funded by more than $30 million from the Cystic Fibrosis Foundation, the company said.
The small biotech also has discovery and preclinical programs for congenital malabsorption syndrome and malabsorption syndrome. It
emerged
in April 2023 after taking over some of the work done by Synspira Therapeutics, which divested a pulmonary program to another company. Gallotto was also CEO and president of Synspira dating to 2019, according to his LinkedIn profile.