Dive Brief:
- Blackstone Life Sciences is teaming up with Sanofi to develop an injectable form of a multiple myeloma drug currently given intravenously.
- Funds managed by Blackstone will invest as much as 300 million euros, or about $330 million, in the project, allowing it to move more quickly through studies and development, Sanofi said Tuesday. In return, Blackstone will receive royalties if the new formulation wins approval.
- The pivotal study for the injected version is due in the second half of this year. The drug, Sarclisa, won Food and Drug Administration approval for intravenous use in March 2020, becoming the first cancer treatment wholly owned by Sanofi to reach the market in a decade.
Dive Insight:
Sanofi described the Blackstone partnership as a risk-sharing collaboration, giving the French drugmaker more agility as it focuses increasingly on oncology and tries to build an "industry-leading" pipeline.
For its part, Blackstone said the deal fits into its commitment to help develop "important medicines in critical therapeutic areas." The company's life sciences investing arm has deep pockets; in July 2020, Blackstone had $4.6 billion at its disposal.
The private equity firm's interests have proven diverse. In 2019, Blackstone struck a deal with Novartis to launch a biopharmaceutical company focused on preventing heart disorders and backed a gene therapy for bladder cancer. The following year, the company made equity investments in Reata Pharmaceuticals and Alnylam Pharmaceuticals.
Blackstone has also shown an interest in other innovative therapies in oncology. In June 2021, it paired up with gene editing drugmaker Intellia Therapeutics to create a company focused on cell therapies for cancer and autoimmune diseases. Then in November, Blackstone announced a deal with Autolus Therapeutics to develop a cell-based cancer treatment.
From the outset, Blackstone also intended to pursue late-stage product financings, and Sanofi's Sarclisa fits into that vision. If successful, the development effort will produce an injectable form of the medicine that would offer patients an easier option than the current required infusion.
Sarclisa is approved for use in combination with other therapies for relapsed or refractory multiple myeloma. Depending on the regimen, it can be used for patients in need of new options after they have already tried one or two other treatments.