Blackstone Life Sciences has committed $250 million to recapitalize Anagram Therapeutics and support the late-stage development and eventual commercial launch of ANG003, an oral recombinant enzyme replacement therapy.

The investment gives Blackstone a controlling stake in the privately held biotech, which is focused on exocrine pancreatic insufficiency (EPI) caused by cystic fibrosis, pancreatic cancer and other conditions.

ANG003 is designed to replace the porcine-derived enzymes that have been the standard of care for decades.

Current treatments require patients to swallow up to 40 pills, a burden that often leads to poor adherence and symptom management.

Anagram’s candidate uses a recombinant formulation that could reduce daily pill counts and eliminate reliance on animal-derived products, the company has said.

It has generated positive clinical data in people with EPI due to cystic fibrosis.

The EPI market is sizable: roughly 80,000 people in the U.S.

suffer from the condition, either because of cystic fibrosis or as a consequence of pancreatic cancer, pancreatitis or other diseases.

Until now, no non-porcine replacement therapy has reached the market.

Blackstone Life Sciences, the firm’s dedicated drug-development investing arm, will use the $250 million to complete clinical trials, seek regulatory approval and build commercial infrastructure.

The capital will also support manufacturing scale-up ahead of a potential launch.

No sell-side advisors were announced.

The transaction is expected to close in the second quarter, subject to customary conditions.