Blackstone has raised $6.3bn (£4.8bn) for its latest life sciences fund at final close, hitting its hard cap and marking a record raise for the alternatives giant.
The $1.27tn asset manager said Blackstone Life Sciences VI (BXLS VI) fund was oversubscribed, with it being the largest life sciences private fund raised and is nearly 40 per cent larger than its predecessor vehicle.
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The BXLS platform was launched in 2018 and invests across the life cycle of companies and products in key life sciences sectors. The strategy helps finance the development and commercialisation of new medicines and technologies and manages $15bn in assets.
“Our partnerships with global leaders have produced 34 regulatory approvals of innovative medicines and devices,” Nicholas Galakatos, global head of BXLS. “This track 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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According to Blackstone, the BXLS platform has committed $2bn in new investments over the past 12 months. It has previously supported the strategic financing of RNAi therapeutics and a research and development funding agreement for acute myeloid leukaemia.
Overall, the fund finances large-scale life sciences projects and generates drug royalty investments. Blackstone added that 86 per cent of the Phase III assets it has funded have received regulatory approval, outperforming the industry average.
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