Blackstone Life Sciences is putting $250 million into Anagram Therapeutics to advance ANG003, an oral enzyme replacement for exocrine pancreatic insufficiency. The therapy could replace pig‑derived enzymes with a single tablet per meal, cutting the current regimen of up to 40 capsules. Success would reshape treatment in the roughly $2 billion U.S. market for patients struggling with digestive complications.

The deal aligns with Blackstone’s playbook of injecting scale equity into late‑stage assets that have clear regulatory pathways. Dr. Nicholas Galakatos, global head of the firm, said the investment brings capital, domain expertise and hands‑on support to a clear unmet need, and positions Blackstone to capture upside. Existing porcine enzymes require complex coatings and have suffered recurring global shortages, driving patient non‑compliance.

Anagram has launched an international Phase 2 study after positive Phase 1 data in cystic fibrosis patients, building on more than $30 million previously supplied by the Cystic Fibrosis Foundation. If the single‑tablet regimen proves effective, insurers and providers could see lower drug‑administration costs and improved adherence, delivering measurable value to the $2 billion market. Such a shift could also reduce reliance on animal‑derived pharmaceuticals.