Blackstone Inc has raised $6.3bn for its latest life-sciences fund, Blackstone Life Sciences VI, marking the firm’s largest capital raise for backing late-stage clinical trials of drugs and medical technologies, according to a report by Bloomberg.
The fund surpasses the $4.6bn raised by its 2020 predecessor.
Led by Nicholas Galakatos, the life-sciences unit focuses on financing Phase III clinical development in partnership with pharmaceutical, biotech, and med-tech companies. Recent collaborations include Merck & Co for a cancer-targeting protein and Teva Pharmaceuticals for a monoclonal antibody with broad therapeutic potential.
The previous fund, Blackstone Life Sciences V, delivered a net IRR of 18%, with the division managing $15bn in assets at year-end.
