The financing supports sacituzumab tirumotecan (sac-TMT), Merck's investigational antibody-drug conjugate targeting TROP2, with Blackstone potentially sharing in upside through royalties contingent on U.S. approval.

Royalties would apply to sac-TMT net sales across Merck’s marketing territories, again contingent on regulatory approval for first-line TNBC based on TroFuse-011 data.

Merck’s revenue mix is largely driven by pharmaceutical products (about 69%), vaccines (roughly 20%), and animal health (around 9%), with a small share from other segments.

Market sentiment around Merck stock showed bullish retail activity on social platforms, though the shares have declined about 16% year-to-date and roughly 18% over the past year.

The announcement frames sac-TMT’s mechanism and TROP2’s role, while highlighting Merck’s focus on advancing its pipeline alongside disciplined financial management.

Sac-TMT is in 15 global late-stage trials across six tumor types, with Merck retaining exclusive development, manufacturing, and commercialization rights outside Greater China under a deal with Sichuan Kelun Pharmaceutical.

Merck enters a financing agreement with Blackstone Life Sciences worth $700 million in non-refundable funding to cover sac-TMT development costs through 2026, with Blackstone eligible for low-to-mid single-digit royalties on net sales after U.S. regulatory approval for first-line TNBC if TroFuse-011 results are favorable.

The press release includes standard forward-looking statements and risk disclosures, along with media and investor contact information.

It reiterates that there are risks and uncertainties, with no obligation to update, acknowledging regulatory and market factors that could affect outcomes.

Merck reported stronger-than-expected Q3 2025 results, with EPS of $2.58 and revenue of $17.28 billion, ahead of consensus estimates.

Merck employs about 74,000 people.

Sac-TMT targets TROP2, a protein linked to tumor proliferation in many epithelial cancers; the ADC combines a TROP2-targeting antibody, a cytotoxic payload, and a novel linker.