Blackstone Life Sciences agreed to provide up to $400 million to Teva to accelerate development of duvakitug, an anti‑TL1A antibody partnered with Sanofi that is in Phase 3 for ulcerative colitis and Crohn’s disease. The financing covers development through late‑stage trials in exchange for milestone payments and royalties tied to potential approval and sales. Teva framed the deal as part of a broader ‘Pivot to Growth’ strategy to de‑risk and accelerate its pipeline with capital‑efficient partnerships. The company and partner Sanofi have reported positive Phase 2 results and longer‑term efficacy data, prompting investor and private‑equity interest in backing late‑stage IBD assets. Market watchers say the Blackstone agreement highlights a growing trend: private capital is underwriting clinical risk for mid‑sized drugmakers with promising late‑stage assets. Such structures can fast‑track development but shift commercial economics via royalties and milestone sharing.