Blackstone Life Sciences invests $337m in Medtronic's diabetes arm
Blackstone Life Sciences has invested $337m in medical device company Medtronic's Diabetes Group.
Other co-investors also participated.
Unquote reported in 2018 that Blackstone established Blackstone Life Sciences via the acquisition of Clarus, a US GP focused on growth-stage investments in the biopharmaceutical sector.
Blackstone Life Sciences supports companies in clinical development and in bringing their therapies to market. Since its inception, the firm has established several partnerships with European pharmaceutical companies, including AstraZeneca and Merck.
The capital will go towards advancing products designed to reduce the burden of diabetes, specifically four programmes in the company's pump and continuous glucose monitoring pipeline. If successfully commercialised, Medtronic will pay royalties, expected to be in the low- to mid-single digit range as a percentage of sales.
Company
Medtronic, headquartered in Dublin, Ireland, is a medical technology, services and products company. Medtronic employs 90,000 people worldwide, and established its diabetes group in 1990.
People
Blackstone – Nicholas Galakatos (global head of Blackstone Life Sciences).
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