Blackstone (NYSE:BX) today announced the appointment of Dr. Mark McClellan (MD, PhD), a physician and economist who served as both the commissioner of the U.S. Food and Drug Administration (FDA) and administrator of the Centers for Medicare & Medicaid Services (CMS), as a Senior Advisor.
Dr. McClellan will bring his expertise across the life sciences, healthcare, economics and public policy sectors to advise across the firm’s businesses, with a focus on Blackstone Growth (BXG) and Blackstone Life Sciences (BXLS).
Jon Korngold, Global Head of Blackstone Growth (BXG), said: "Dr. McClellan is a globally respected figure at the intersection of healthcare and public policy. The current environment has only underscored the importance of long-term investment in the healthcare sector and we believe private capital can play a critical role. As the only individual who has led both the FDA and CMS, we look forward to the deep insights Dr. McClellan can provide to our portfolio companies and investing teams."
Nicholas Galakatos, Ph.D., Global Head of Blackstone Life Sciences (BXLS), said: "Mark’s experience in the approval of innovative pharmaceutical and medical technology products is a terrific and complementary addition to the capabilities of Blackstone Life Sciences. He will be an important resource for our investment team, our product development partners, and our portfolio companies as we advance breakthrough medicines and medical technologies to the patients who need them."
Dr. Mark McClellan added: "I’m pleased to be advising Blackstone. This is a critical time for entrepreneurship in the healthcare sector, and I’m looking forward to working with Blackstone and their diverse partner companies to develop innovative and efficient approaches to address unmet medical needs."
Ram Jagannath, Global Head of Healthcare for Blackstone Growth (BXG), said: "We are thrilled to have Dr. McClellan work across the firm in support of our portfolio companies and evaluating new opportunities to invest in the healthcare sector."
Last year, Blackstone launched a dedicated Growth Equity investing platform, which is focused on providing capital to companies seeking to manage the execution risks associated with high-growth environments. In 2018, Blackstone launched Blackstone Life Sciences by acquiring Clarus, a global life sciences investment firm, which invests across the life-cycle of companies and products in the life sciences sector. Blackstone Life Sciences helps bring to market promising new medicines and technologies that improve patients’ lives.
Dr. Mark McClellan, MD, PhD, is the Robert J. Margolis Professor of Business, Medicine, and Health Policy, and founding Director of the Duke-Margolis Center for Health Policy at Duke University. With a highly distinguished record in public service and academic research, Dr. McClellan is a former administrator of the Centers for Medicare & Medicaid Services (2004-06) and former commissioner of the U.S. Food and Drug Administration (2002-04), where he developed and implemented major reforms in health policy. Dr. McClellan has also served as a member of the President’s Council of Economic Advisors and as Deputy Assistant Secretary of the Treasury for Economic Policy. He received his BA from the University of Texas, MD from Harvard Medical School, MPA from the Harvard Kennedy School of Government, and a PhD in Economics from the Massachusetts Institute of Technology.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $538 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.