NEW YORK, March 31, 2026, 09:24 EDT
Blackstone wrapped up its largest life sciences fund to date, closing at $6.3 billion. It’s calling the fund—the Blackstone Life Sciences VI—the largest private vehicle dedicated to the sector. According to the company, the capital will be deployed to fuel new pharma and medtech projects.
Timing isn’t trivial here. On Tuesday, Biogen put $5.6 billion on the table for Apellis Pharmaceuticals, while Eli Lilly moved to scoop up Centessa in a deal that could reach $7.8 billion. Both are betting big on future drugs as patent cliffs get nearer. This trend is making room for specialist funds to step in and finance those costly, late-stage development phases before launch.
BXLS VI comes in almost 40% bigger than Blackstone’s last life sciences fund, which, according to Bloomberg Law, wrapped up in 2020 at $4.6 billion. Investor appetite outpaced Blackstone’s targets, pushing the fund to its hard cap. BioPharma Dive has also called it the largest private life sciences fund to date.
Nicholas Galakatos heads up Blackstone Life Sciences, which zeroes in on late-stage products—think major trials and pre-approval launches right ahead of the regulatory finish line. The group reported $15 billion under management as of the end of 2025, emphasizing its model: backing products directly, instead of simply grabbing equity.
Galakatos pointed to investors’ “enduring conviction in the life sciences” as a big factor in the close. According to Blackstone, the platform’s partnerships have led to 34 regulatory approvals for medicines and devices. Blackstone
Here’s how the approach plays out in deals: Merck in November announced Blackstone would inject $700 million to back the development of sacituzumab tirumotecan. Meanwhile, Teva disclosed this month that Blackstone will commit $400 million over four years toward duvakitug, which is currently in late-stage testing for ulcerative colitis and Crohn’s disease. According to Teva’s Evan Lippman, this setup enables the company to move projects forward while still, as he put it, “maintaining financial strength.” Merck
Competition isn’t lacking here. Royalty Pharma, which also specializes in non-dilutive life sciences funding—capital that allows companies to sidestep issuing new shares—this month announced a $250 million royalty-backed financing for Zymeworks. Last year, the group picked up a royalty interest in Alnylam’s Amvuttra from Blackstone.
Blackstone’s fundraising came as financial stocks delivered a patchwork of early action Tuesday. Before the open, Blackstone climbed 3.3%. Bank of America tacked on 0.6%. Burford Capital slid 2.7% after it flagged a likely major write-down on its YPF stake, triggered by Argentina’s victory in a U.S. appeals court. Last week, Bank of America agreed to a $72.5 million settlement in a lawsuit brought by women who accused the bank of aiding Jeffrey Epstein’s sexual abuse.
Still, a single record fund close doesn’t signal an end to turbulence for private markets. In February, Blackstone’s flagship BCRED private credit fund logged its first monthly loss in over three years, following a wave of withdrawal requests earlier in the quarter. Even the sector’s giants aren’t immune to jitters over valuation and liquidity.
Still, a new injection of funds into BXLS means Blackstone can press harder for those sizable late-stage deals drugmakers are after while searching for growth. Biogen and Lilly both resurfaced in dealmaking this week, crowding that space.
