Teva Pharmaceuticals struck a growth capital deal with Blackstone Life Sciences for up to $400 million to advance duvakitug, a TL1A‑blocking monoclonal antibody in Phase III for inflammatory bowel disease. Blackstone will be eligible for milestone and royalty payments tied to regulatory and commercial outcomes. The financing supports Teva’s Pivot to Growth strategy and co‑development with Sanofi for potential global commercialization. The structure—non‑equity growth capital linked to clinical and commercial milestones—reflects a growing trend of alternative financing to de‑risk late‑stage programs. Market analysts noted the deal improves Teva’s liquidity for pivotal trials while sharing downstream commercial upside with an external partner.