Teva Pharmaceuticals Secures $400M Strategic Financing from Blackstone Life Sciences to Advance Duvakitug, a Best-in-Class TL1A Monoclonal Antibody for Inflammatory Bowel Disease

March 3, 2026,Teva Pharmaceuticals(Teva Pharmaceuticals) and Blackstone Life Sciences jointly announced the achievement of a strategic financing agreement:Blackstone Life SciencesProvide Teva with $400 million (over RMB 2.7 billion) in funding over four years to support the clinical development of its TL1A monoclonal antibody, duvakitug.

This marks another major funding milestone for duvakitug, following Sanofi’s 2023 co-development agreement with Teva Pharmaceuticals, which included a $500 million upfront payment and up to $1 billion in milestone payments. In just two and a half years, this clinical-stage TL1A monoclonal antibody has attracted successive investments from multinational pharmaceutical companies and top-tier capital firms.

Furthermore, in accordance with the terms of the agreement, ifduvakitugBlackstone Life Sciences is entitled to receive corresponding royalties from subsequent regulatory or commercial milestone achievements (including the approval and market launch of duvakitug, and milestone payments received by Teva from its partner Sanofi), as well as from sales revenue generated following the drug’s global commercialization.

To understand the value of duvakitug, one must first understand the TL1A target.

TL1A (TNF-like cytokine 1A) is a member of the tumor necrosis factor superfamily, encoded by the TNFSF15 gene. It is expressed in various immune cells, including monocytes, macrophages, dendritic cells, and T cells, as well as in non-immune cells such as synovial fibroblasts and endothelial cells. By binding to death receptor 3 (DR3), TL1A activates downstream signaling pathways, thereby regulating the proliferation, activation, and apoptosis of effector cells, as well as the production of cytokines and chemokines.

TL1A is unique in its “dual identity.” On one hand, it amplifies inflammation. By binding to DR3, TL1A synergistically enhances the potential of IL-12 or IL-23 to induce Th1 or Th17 cells to secrete IFN-γ or IL-17/IL-6, respectively. The excessive production of these cytokines leads to the exacerbation of chronic intestinal inflammation.

On the other hand, it can also drive fibrosis. Chronic inflammation, when persistent over a long period, leads to fibrosis of the intestinal wall, resulting in scar tissue formation that ultimately causes intestinal narrowing and obstruction, potentially necessitating surgical intervention. TL1A signaling is considered to directly drive the fibrotic process.

Traditional autoimmune drugs often target only inflammation, leaving fibrosis unaddressed. In contrast, TL1A-targeted therapies possess dual anti-inflammatory and anti-fibrotic effects, which is precisely why they are regarded as game-changers in the treatment of inflammatory bowel disease (IBD).

Among the many TL1A-targeting drugs under development, duvakitug features a unique molecular design.

Duvakitug is a humanized IgG1-λ2 monoclonal antibody that uniquely preferentially inhibits TL1A–DR3 signaling while minimizing inhibition of the TL1A–DcR3 interaction. DcR3 is a receptor that regulates excessive TL1A activity and maintains immune homeostasis; reduced inhibition of this pathway enables duvakitug to robustly block inflammatory signals while better preserving immune balance. This design allows it to alleviate inflammation and suppress fibrosis simultaneously, positioning it as a potential best-in-class therapy.

In February 2026, Sanofi and Teva announced data from the RELIEVE UCCD Phase IIb maintenance study of duvakitug, which enrolled 130 patients who had responded during the induction phase and entered a 44-week maintenance treatment period. At Week 44 of maintenance treatment (total exposure time of 58 weeks):

Ulcerative Colitis (UC): The primary endpoint of clinical remission based on the mMS (modified Mayo score) was achieved by 58% of patients in the 900 mg group and 47% in the 450 mg group receiving duvakitug.

Crohn’s Disease (CD): In patients treated with duvakitug, up to 58% (900 mg group) and 47% (450 mg group) achieved the primary endpoint of clinical remission based on mMS scores after the induction phase (based on SES-CD scores).

In terms of safety, duvakitug was generally well tolerated, with no new safety signals observed. In the UC cohort, the incidence of adverse events (AEs) in the duvakitug groups (49% for 450 mg and 43% for 900 mg) was even lower than that in the placebo group (52%). Furthermore, the study demonstrated that duvakitug preferentially inhibits TL1A-DR3 signaling, thereby suppressing fibrosis while alleviating inflammation, further corroborating its potential as a best-in-class therapy.

Currently, Phase III clinical trials of duvakitug for UC and CD are underway worldwide.

Blackstone Life Sciences is the dedicated investment platform of Blackstone Group, focusing on major investments in the life sciences sector. It has established long-term partnerships with leading global pharmaceutical and medical technology companies (such as Pfizer, Novartis, and Medtronic) to share resources, technologies, and market channels. In addition to providing capital, it also participates in clinical trial design and assists partners in optimizing their R&D processes.

Compared to traditional venture capital, Blackstone’s approach is more “capital-intensive.” The firm typically prioritizes investments in innovative drugs and medical technology projects that are in late-stage clinical development (such as Phase II/III trials) or already in the commercialization stage, thereby reducing the uncertainty risks associated with R&D. For instance, by funding the expansion of indications or market launch for drugs that have already passed preliminary validation, Blackstone ensures the efficient conversion of capital into tangible products.

In addition, Blackstone Life Sciences' investmentMore product-oriented, rather than simply holding company equity.Specifically, by agreeing on financing terms with partners that are linked to product milestones, risk sharing can be achieved. If product progress does not meet expectations, investments can be adjusted in a timely manner, thereby avoiding excessive binding to the company's overall valuation.

This model can, to a certain extent, achieve a win-win outcome. Pharmaceutical companies secure non-dilutive funding, thereby avoiding equity dilution, while Blackstone Life Sciences shares in the long-term returns upon the drug’s success, with potential rewards far exceeding those of traditional debt financing.

Blackstone Life Sciences’ bet on duvakitug can also be seen as an example of its typical investment strategy.

First, the therapeutic area involved in this transaction is highly competitive. TL1A has become one of the most sought-after targets in the field of autoimmune diseases. Since 2023, multinational corporations (MNCs) have been actively acquiring assets in this space: Merck acquired Prometheus Biosciences for $10.8 billion to obtain PRA-023; Roche acquired Telavant for over $7 billion to secure RVT-3101; AbbVie licensed Mingji Biologics’ FG-M701 for $1.71 billion; and in April 2025, Sanofi licensed two bispecific antibodies from Earendil Labs for $1.845 billion.

According to Evaluate Pharma’s projections, the global market for autoimmune disease drugs will reach $140 billion by 2028, with the inflammatory bowel disease (IBD) segment accounting for $28 billion, or a 20% market share. Both ulcerative colitis (UC) and Crohn’s disease (CD) are chronic, relapsing conditions that require long-term pharmacotherapy, meaning that duvakitug, once approved, will generate a sustained and stable revenue stream.

Next is"Robust Data". The Phase IIb data for Duvakitug not only demonstrated significant efficacy but also showed effectiveness in the AT-experienced population, indicating that its potential market extends beyond first-line therapy. Meanwhile, it exhibited an excellent safety profile, with an incidence of adverse events (AEs) even lower than that of the placebo group, which is crucial for autoimmune diseases requiring long-term medication.

Furthermore,Entering the market now, risks have been significantly reduced.. In 2023, when Sanofi got involved, duvakitug was still in the early stages of Phase II trials; now that Phase IIb data have been released and Phase III trials are set to launch shortly, the probability of the drug’s success has increased significantly. BlackRock’s entry at this juncture represents a well-balanced trade-off between risk and reward.

Moreover, the value of TL1A, in which Blackstone Life Sciences has invested, may extend beyond IBD.

As previously mentioned, TL1A is abnormally overexpressed in various autoimmune diseases and is extensively involved in the pathogenesis of conditions such as rheumatoid arthritis, psoriasis, and ankylosing spondylitis. As another innovative drug targeting TL1A, Merck & Co. has initiated Phase IIb clinical trials of tulisokibart for hidradenitis suppurativa, radiographic axial spondyloarthritis, and rheumatoid arthritis. This meansTL1A TargetThe market space may far exceed that of IBD itself.

Blackstone Life Sciences and Sanofi have clearly recognized this potential as well. From Sanofi’s $500 million upfront payment to Blackstone’s $400 million investment, the agreement underscores that while the current focus remains on the co-development of duvakitug for the treatment of ulcerative colitis (UC) and Crohn’s disease (CD), expansion into additional indications is likely only a matter of time.