One of the world’s leading investment firms has broken its own record with the closing of its $6.3 billion Blackstone Life Sciences VI (BLXS VI) fund, which is 40% larger than its predecessor.
According to a March 30 release, the oversubscribed fund closed at its hard cap and is the largest private fund ever dedicated to life sciences. Since its launch in 2018, Blackstone Life Sciences has grown to manage $15 billion in assets.
Blackstone portfolio companies have produced 34 regulatory approvals for medicines and devices, the firm said. These include Novartis’ cholesterol treatment Leqvio, Alnylam’s transthyretin-mediated (ATTR) amyloidosis drug Amvuttra and Pharmacyclics’ chronic lymphocytic leukemia therapy Imbruvica.
In a statement, Nicholas Galakatos, Ph.D., global head of Blackstone Life Sciences, said the fund’s record “highlights how we work successfully with industry trailblazers to help bring their most important products to patients around the world.”
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Blackstone reported that BLXS investments have achieved an 86% approval success rate for phase 3 assets. Over the past 12 months, the platform has made $2 billion in new investments, including $400 million to support Teva’s Sanofi-partnered IBD drug duvakitug and $700 million for Merck’s antibody-drug conjugate sacituzumab tirumotecan.
In July 2020, Blackstone reached its fundraising target for BLXS V, raising $4.6 billion to support late-stage product development and growth investments in emerging companies.
