Blackstone Group LP agreed to acquire Clarus Ventures LLC, a Cambridge, Mass.-based investment firm focused on global life sciences.

Clarus, which has raised $2.6 billion since its founding, is focused on funding growth-stage investments, often in partnership with major biopharmaceutical companies through research and development collaborations.

Blackstone did not disclose the financial terms of the deal which is subject to customary closing conditions and is expected to close in the fourth quarter.

In addition, Blackstone announced the launch of Blackstone Life Sciences, a private investment platform allowing investments across the life cycle of companies and products within the key life sciences sectors.

The platform will build on Clarus' domain expertise and Blackstone's experience, operating platform and global scale. Upon closing, Nick Galakatos, co-founder and managing director of Clarus, will become head of Blackstone Life Sciences.