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Full analysis, sources & comparables →Sanofi has struck a strategic financing deal with Blackstone Life Sciences worth up to EUR 300 million to accelerate development of a subcutaneous version of…
Blackstone Life Sciences is putting up to EUR 300 million ($331 million) on the line to help Sanofi catch up to Johnson & Johnson's runaway myeloma success…
Blackstone Life Sciences is pouring up to EUR 300 million into Sanofi's effort to develop a subcutaneous version of its anti-CD38 multiple myeloma drug…
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In March 2022 Sanofi and Blackstone Life Sciences (BXLS) announced a strategic, risk-sharing collaboration under which funds managed by BXLS contribute up to EUR 300M (~$331M) to accelerate the global pivotal program for a subcutaneous formulation of the anti-CD38 antibody Sarclisa (isatuximab) in multiple myeloma, delivered via Enable Injections' enFuse on-body delivery system. Sanofi retains full rights and control; BXLS is eligible for royalties on future subcutaneous sales. The bet has since largely de-risked: the pivotal Phase 3 IRAKLIA study (NCT05405166) met its co-primary endpoints in January 2025, showing non-inferiority of subQ on-body administration versus IV on objective response rate (71.1% vs 70.5%) and steady-state C-trough, with markedly fewer infusion reactions (1.5% vs 25%). In March 2026 the EU CHMP adopted a positive opinion recommending approval of Sarclisa SC via on-body injector across all approved MM indications. US approval remains pending: in April 2026 the FDA extended its review by up to three months to a revised action date of July 23, 2026. If approved, Sarclisa would be the first anticancer therapy administered via on-body injector.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Blackstone Life Sciences / Sanofi S.A. (Sarclisa subQ co-development) (this deal) | 2022 | $331M | — |
| Amgen Inc. / Micromet Inc. | 2012 | $1.2B | 88 |
| Servier / Shire plc (Oncology Business) | 2018 | $2.4B | 88 |
| AstraZeneca PLC / Alexion Pharmaceuticals Inc. | 2020 | $39.0B | 86 |
| Swedish Orphan Biovitrum AB / Biovitrum | 2001 | $493M | 84 |
| Otsuka Pharmaceutical Co. Ltd. / Astex Pharmaceuticals | 2013 | $886M | 79 |
| AbbVie Inc. / Pharmacyclics Inc. | 2015 | $21.0B | 79 |
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