Merck said on Tuesday that it has entered into an agreement to receive funds managed by Blackstone Life Sciences for $700 million to develop an experimental cancer therapy.
Under the terms of the agreement, Blackstone will fund a portion of the development costs to test sac-TMT, an experimental antibody-drug conjugate.
Antibody-drug conjugates are designed to deliver an anti-cancer drug more precisely to malignant cells, causing less damage to healthy cells than chemotherapy.
The payment is expected to be made throughout 2026, the companies said.
Blackstone is eligible to receive low-to-mid single-digit royalties on net sales of sac-TMT across all approved indications.
