Full Control, Shared Vision
Despite Blackstone’s financial backing, Merck retains full ownership and control over sac-TMT, including its global development and commercialization rights outside Greater China.
“Sac-TMT is an innovative asset with the potential to transform patient care across multiple tumor types,” said Dr. Nicholas Galakatos, global head of Blackstone Life Sciences. “Our collaboration with Merck is designed to unlock its full clinical and commercial potential, leveraging our scale and expertise to advance this critical therapy.”
A Global Effort Against Cancer
Originally developed by China’s Kelun-Biotech, sac-TMT is currently being tested in 15 Phase 3 trials targeting six cancer types, including breast, endometrial, and lung cancers. The therapy builds on Merck’s expanding portfolio of antibody-drug conjugates, an area increasingly viewed as the next frontier in oncology for their ability to deliver precision-guided chemotherapy with reduced toxicity.
Biopharma’s Funding Evolution
The deal reflects a rising trend in biotech financing, as pharmaceutical giants increasingly turn to private equity investors to share the financial burden and risks of late-stage drug development.
Merck, already one of the world’s most active dealmakers in the pharmaceutical sector, has made a string of major acquisitions in recent months. In July, the company struck a $10 billion deal to acquire Verona Pharma PLC, a specialist in respiratory diseases—one of Merck’s largest purchases to date.
Other recent bets include:
