Blackstone closes largest life science fund at $6.3 billion

New record fund for Blackstone in the life sciences sector. The group has raised $6.3 billion for the sixth fund in its life sciences platform, Blackstone Life Sciences VI, which closed at the maximum cap. It is the largest private fund ever established in the sector globally, almost 40% larger than the previous vehicle.

"We are deeply grateful to the investors of BXLS VI for their strong support of our strategies and enduring belief in our signature in the life sciences sector," comments Nicholas Galakatos, global head of Blackstone Life Sciences, adding, "Our partnerships with global leaders have resulted in 34 regulatory approvals of innovative drugs and devices. This track record is testament to how we successfully work alongside industry pioneers to help bring their most important products to patients around the world."

The Bxls platform was launched by Blackstone in 2018 to invest across the lifecycle of companies and products in life sciences. It now manages $15bn of assets under management and has achieved an 86% approval rate for Phase III assets, higher than the industry average. Products brought to market include Leqvio, Amuvttra, Imbruvica and the MiniMed Flex device, for a total of 34 regulatory approvals.

Over the past twelve months, the platform has invested nearly $2bn including a financing agreement with Merck for Sacituzumab Tirumotecan, a $400m deal with Teva for the development of duvakitug, a $2bn strategic partnership with Alnylam for RNAi therapies, and support for Novartis' acquisition of Anthos Therapeutics, worth up to $3.1bn.

On the pharmaceutical royalty front, BXLS is confirmed as the leading player in terms of number of transactions among royalty sellers in the pharmaceutical and medical technology industry, a position gained through the financing of late-stage products later approved by regulatory authorities, the group's note states.