Blackstone Invests $250 Million in Biotech Anagram Therapeutics

Blackstone Inc. is investing $250 million in the biotech startup Anagram Therapeutics Inc., part of the private equity giant’s strategy to own more cutting-edge drugmakers.

Anagram is advancing a treatment for pancreatic insufficiency, which is caused when patients with cystic fibrosis don’t make enough enzymes to break down foods and absorb nutrients, leading to malnutrition and gastrointestinal problems. They take up to 40 pills a day to manage the condition.

Anagram’s treatment only requires one pill per meal. The company plans to run a mid-stage trial after seeing positive results in an early study.

Launched in 2023, Anagram previously ...