Blackstone Inc. raised $1.6 billion for a fund to establish new drugs and therapies, expanding its role in the life sciences industry.
The vehicle will invest in companies with products that have received regulatory approval for commercial use, said Nicholas Galakatos, head of Blackstone’s life-sciences arm. It will also invest in royalties that could be tied to drug sales. It’s the firm’s first-ever fund with this strategy.
Blackstone’s pursuit of fast-growing companies and nascent technologies is moving the firm beyond its leveraged buyout roots. In 2018, the New York-based company bought life-sciences investment firm Clarus, which Galakatos co-founded, to jumpstart a push into biotechnology. Blackstone raised $4.6 billion in 2020 to finance the development of drugs in the final stages of regulatory approval.
With a total of $6.2 billion raised for pharmaceutical and other life sciences plays, Galakatos thinks Blackstone could advance 25 to 30 medical products and cures.
Read more: BNN Bloomberg
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