NEW YORK CITY (dpa-AFX) - Pfizer Inc. (PFE) and Blackstone Life Sciences announced a strategic co-funding agreement under which Blackstone-managed funds will pay Pfizer up to $1.5 billion in development funding through 2028 for Berobenatide, which is being studied for chronic weight management and obesity-related conditions.
Berobenatide was originally developed by Metsera as MET-097i. Pfizer acquired Metsera in November 2025, obtaining rights to the obesity candidate and subsequently advancing it under the name berobenatide.
Pfizer plans to initiate more than 20 obesity-related clinical trials in 2026, including 10 ongoing or planned Phase 3 studies of berobenatide, a potential once-monthly GLP-1 receptor agonist being evaluated for chronic weight management and obesity-related conditions including knee osteoarthritis and obstructive sleep apnea.
In exchange for the funding, Blackstone will be entitled to receive milestone payments tied to the U.S. regulatory approval of monthly injectable berobenatide as a monotherapy for chronic weight management, as well as the achievement of specified commercial sales targets.
'Today's announcement helps us advance our comprehensive obesity program and maintain the financial capacity and flexibility to invest in our broader pipeline across all therapeutic areas' said Cecile Guegan, Chief Financial Officer and Executive Vice President, Pfizer.
Funds managed by Blackstone's perpetual private equity strategy (BXPE) will invest alongside funds managed by Blackstone Life Sciences as part of the transaction.
Any earned milestone payments will be made to Blackstone over several years. Blackstone receives no rights to or ownership of berobenatide, while Pfizer retains full control over the program and all related decisions.
PFE has traded between $23.62 and $31.44 over the past 52 weeks. The stock closed Wednesday's trade at $29.45, up 0.31%.
In the overnight market, PFE is up 0.37% at $29.56.
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