Blackstone Group Inc has already secured $3.4 billion of its intended $4.6 billion investment in the life sciences field.

If the private equity company reaches its goal, it will mark one of the most extensive investments ever made in the life sciences sector.

The capital gathered by Blackstone will be utilized in one of the most promising sectors of the modern economy. The life sciences industry is dedicated to creating new and enhanced highly impactful medicines. These products have significant potential for both patients seeking therapy and investors. Nevertheless, they are viewed as a higher-risk investment option.

Presently, Blackstone is steering away from conventional assets such as real estate, credit, and private equity. While few private equity firms have taken the plunge into drug development and life sciences, others like Bain Capital and KKR & Co Inc have opted for specialized healthcare funds instead of investing in the uncertain drug development sector. In contrast, Blackstone has teamed up with Novartis in a collaborative effort to develop new therapies. The partnership is actively engaged in bladder cancer gene therapy and a novel heart treatment.

Blackstone made its foray into the life sciences sector as recently as 2018 with the acquisition of Clarus. Clarus had already initiated four distinct funds for life sciences, and now Blackstone has unveiled another one known as “Blackstone Life Sciences V.” Blackstone has also provided support to various other companies in this sector.