默沙东获黑石7亿美元注资，加速开发康沙妥珠单抗

Core Insights - Merck has entered into a $700 million R&D funding agreement with Blackstone to support the global development of its core ADC asset, sac-TMT, highlighting the recognition of its commercial value and the acceleration of Chinese innovative drugs in the global market [1][2] Group 1: Agreement Details - Blackstone will provide $700 million specifically for the development costs expected for sac-TMT in 2026, allowing Merck to explore the drug's potential while maintaining financial stability [1] - The funding model is based on future revenue rights from sac-TMT, indicating Blackstone's confidence in the clinical data and market prospects of the drug [2] Group 2: Strategic Context - Merck has exclusive rights to develop, use, manufacture, and commercialize sac-TMT outside Greater China, with a total deal value exceeding $10 billion, setting a record for Chinese innovative drugs going global [2] - With the impending patent cliff of Keytruda, Merck is increasingly focused on ADC drugs, and sac-TMT's clinical data aligns with its strategic needs [2] - Merck is conducting 15 global Phase 3 clinical studies for sac-TMT across various cancer types, and the product has generated over 300 million yuan in revenue during the first half of 2025 [2]