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Money Management

Blackstone expanding into life sciences with acquisition

Alternative money manager Blackstone Group will launch Blackstone Life Sciences following its impending acquisition of Clarus, a life sciences private equity manager, a Blackstone spokesman said.

The acquisition of the firm, which has raised $2.6 billion since its founding in 2005, is scheduled to close before the end of 2018. Terms of the deal were not disclosed.

Nicholas Galakatos, Clarus' managing director since its founding, will become head of Blackstone Life Sciences when the transaction closes. Clarus' team has invested in biopharmaceutical, oncology, and medical device and diagnostic sectors, a news release said.

"We are excited to join Blackstone and anchor a dedicated life sciences investing business," Mr. Galakatos said in the news release. "The firm's unmatched global scale, strong operating platform and track record in growing businesses, together with Clarus' deep industry expertise, make this new platform an ideal partner to the industry that will bring significant benefits to investors seeking exposure to life sciences. We look forward to building on Clarus' success with the added power of Blackstone."

Blackstone Group has $440 billion in assets under management.