Blackstone backs PTC Therapeutics with up to $1B

Biopharmaceutical company PTC Therapeutics has entered into a financing partnership with Blackstone worth up to $1 billion.

Blackstone Life Sciences and Blackstone Credit will provide PTC with $500 million in initial funding. The funding will support PTC's goal of delivering at least one therapy every two to three years, according to an Oct. 27 Blackstone news release.

"This strategic financing will support the acceleration of PTC's robust and diversified pipeline, business development opportunities and general corporate purposes," PTC Therapeutics CFO Emily Hill said in the release.

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