MSD enters into research and development funding agreement with Blackstone Life Sciences for sacituzumab tirumotecan (sac-TMT)

CAR-T Digest - August 2020

04 November 2025: MSD enters into research and development funding agreement with Blackstone Life Sciences for Sacituzumab tirumotecan (sac-TMT)

MSD announced a $700 million strategic financing agreement with Blackstone Life Sciences to accelerate the development of Sacituzumab tirumotecan (sac-TMT), a next-generation TROP2-targeting antibody–drug conjugate (ADC)
The funding will support ongoing and upcoming clinical activities through 2026, with Blackstone eligible for low-to-mid single-digit royalties on future net sales, contingent upon U.S. regulatory approval for first-line triple-negative breast cancer (TNBC) based on results from the TroFuse-011 Phase 3 trial
Under the agreement, MSD retains full decision-making authority and control over sac-TMT’s development, manufacturing, and commercialization strategy, while Blackstone will not hold any rights to the asset beyond its financial participation
The ADC continues to be developed under MSD’s exclusive collaboration with Sichuan Kelun-Biotech, which remains unchanged by this financing arrangement
Through this partnership, MSD aims to leverage external capital to advance a high-priority ADC program, expand its leadership in oncology, and sustain long-term growth while maintaining a disciplined financial approach