Private equity firm Blackstone Inc. (NYSE:BX) is exploring the sale of Anthos Therapeutics, Inc., a developer of a new generation of blood thinners it launched four years ago with backing from Novartis (NOVN.S), according to people familiar with the matter. Anthos, which does not yet have any approved products or generate revenue, could be worth several billion dollars in a potential sale, significantly more than the $250 million Blackstone invested when it founded Anthos in 2019, the sources said. Blackstone is working with investment bankers to explore a sale of Anthos, the sources said, cautioning that no deal is certain and requesting anonymity because the matter is confidential.

A Blackstone spokesperson declined to comment.