Merck, known as MSD outside the United States and Canada, has entered into a strategic funding agreement with Blackstone Life Sciences to support the development of sacituzumab tirumotecan (sac-TMT)—an investigational antibody-drug conjugate (ADC) targeting trophoblast cell-surface antigen 2 (TROP2), a protein commonly overexpressed on several types of cancer cells.
Currently, Merck is evaluating sac-TMT across 15 global Phase 3 clinical trials spanning six tumour types, including breast, endometrial, and lung cancers. This collaboration aims to accelerate the clinical advancement of this promising ADC candidate and strengthen Merck’s oncology pipeline.
Under the terms of the agreement, Blackstone will provide $700 million—a non-refundable investment subject to termination provisions—to fund part of sac-TMT’s development costs through 2026. In return, Blackstone will receive low-to-mid single-digit royalties on global net sales of sac-TMT, contingent upon regulatory approval in the U.S. for first-line treatment of triple-negative breast cancer (TNBC) based on results from the TroFuse-011 clinical trial.
The agreement enables Merck to advance sac-TMT while maintaining a balanced approach to financial discipline and innovation. The partnership leverages Blackstone’s scale, capital, and scientific expertise to accelerate the clinical and commercial potential of this next-generation cancer therapy.
The collaboration does not alter Merck’s existing partnership with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., a subsidiary of Sichuan Kelun Pharmaceutical Co., Ltd. Merck retains full authority over the development, manufacturing, and commercialization of sac-TMT, while Blackstone holds no ownership or decision-making rights related to the product.
Sac-TMT comprises a TROP2-targeting monoclonal antibody (sacituzumab), a topoisomerase I inhibitor cytotoxic payload, and a novel irreversible but hydrolyzable linker using proprietary conjugation technology, with an average drug-to-antibody ratio of 7.4. By targeting TROP2-expressing tumour cells, sac-TMT aims to deliver potent anti-tumour activity, showing encouraging efficacy across multiple cancer types in ongoing studies.
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