Merck struck a pair of financial deals this week tied to its Trop2‑targeting antibody‑drug conjugate program: Blackstone Life Sciences agreed to provide $700 million in a risk‑sharing financing, while Merck separately paid roughly $150 million to reacquire full rights to an early‑phase asset. The structure underscores large pharma’s appetite for third‑party risk capital to underwrite broad, expensive ADC development programs and the growing use of structured finance to manage late‑stage oncology portfolios.