Beijing News (Reporter Wang Kala) November 4, Merck...The company announced a $700 million R&D funding agreement with Blackstone, which will be used for the global development of its core ADC asset, sacubitril-TMT (sac-TMT). At a time when the ADC field is becoming a global focus of pharmaceutical innovation , this collaboration between a multinational pharmaceutical company and a capital giant not only demonstrates a high level of recognition of the commercial value of sacubitril-TMT, but also signifies a major milestone for innovative drugs in China.Driven by a dual approach of "global R&D + capital empowerment," it is accelerating its entry into the ranks of global blockbuster drugs.
　　Under the terms of the agreement, Blackstone will pay Merck $700 million specifically to fund a portion of the development costs for SAC-TMT projected to be incurred in 2026. Merck stated that this agreement will help the company fully realize the potential of SAC-TMT while continuing its broad development strategy, driving patient benefits and revenue growth while maintaining the company's sound financial position.
　　Looking at the details of the collaboration, Merck will exchange a certain percentage of future revenue from SAC-TMT for this round of financing. Blackstone's near-purely "financial support" model reflects its recognition of SAC-TMT's competitive advantage in clinical data and its broad market prospects.
　　In May 2022, Merck was granted exclusive rights by Kelun Biotech to develop, use, manufacture, and commercialize multiple ADCs, including sac-TMT, in all regions outside of Greater China (including mainland China, Hong Kong, Macau, and Taiwan), with a total transaction value exceeding US$10 billion, setting a record for Chinese innovative drugs going global that year. With the patent cliff for Keytruda (pembrolizumab) approaching, Merck's commitment to ADC drugs has become increasingly firm. Against this backdrop, sac-TMT's excellent clinical data and synergistic potential with Keytruda precisely meet Merck's strategic needs. Currently, Merck has initiated 15 global Phase 3 clinical trials of sac-TMT in multiple areas, including lung cancer, breast cancer, gastric cancer, and gynecological oncology. Kelun Biotech's 2025 interim report shows that the product generated over 300 million yuan in revenue during the reporting period; and at the recent ESMO conference, sac-TMT secured 2 LBAs (including 1 major chairman's forum report) and 5 posters, making it one of the Chinese innovative drugs with the most major presentations . Currently, Merck has clearly listed it as a candidate product with "blockbuster potential". According to the plan, starting in 2027, the product will see the disclosure of multiple global Phase 3 clinical trial data.

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