Blackstone Hires Former Pfizer Scientist to Find Blockbusters

Pfizer Inc.’s longtime chief scientist is joining Blackstone Inc. to advise the private equity giant on its investments into advanced new medicines.

Mikael Dolsten, who retired from Pfizer late last year, joined Blackstone Life Sciences as a senior adviser in March. The division, which has some $12 billion in assets under management, makes investments into late-stage medicines invented by biotech and pharmaceutical companies, often in exchange for a royalty on future sales.

Recent deals included as much as $750 million in financing for Moderna Inc.’s flu vaccine development. Blackstone also previously committed as much as $2 ...