Pfizer has reached a co-funding agreement with Blackstone Life Sciences that will provide up to $1.5 billion in development funding through 2028 for its investigational obesity drug berobenatide.
Under the agreement, funds managed by Blackstone will cover development costs for berobenatide, a potential first-in-class monthly GLP-1 receptor agonist being studied for chronic weight management and obesity-related conditions, according to a Nov. 11 news release.
In exchange, Blackstone could receive payments tied to U.S. regulatory approval of monthly injectable berobenatide monotherapy for chronic weight management and certain commercial sales milestones. The payments, if earned, would be distributed over multiple years.
Blackstone will not acquire rights or ownership in the drug, and Pfizer will retain full operational control and decision-making for the program. Funds managed by Blackstone’s perpetual private equity strategy will also participate in the financing.
Pfizer plans to advance more than 20 clinical trials targeting obesity and related conditions in 2026, including 10 ongoing and planned phase 3 trials of berobenatide. The drug is also being studied for conditions including knee osteoarthritis and obstructive sleep apnea.
