Blackstone to Fund Pfizer’s Berobenatide Program With Up to $1.5 Billion

Pfizer and Blackstone Life Sciences agreed to an arrangement that could cover up to $1.5 billion in development costs for berobenatide through 2028, supporting Pfizer’s obesity-drug program.

Pfizer is studying berobenatide, an investigational monthly GLP-1 receptor agonist, for chronic weight management and obesity-related conditions. Blackstone may be eligible for milestone payments if the monthly injectable used alone wins U.S. regulatory approval for chronic weight management and meets specified commercial sales milestones. Any earned payments would be made over multiple years.

Pfizer will retain operational control and decision-making for the program. Blackstone will receive no rights or ownership in the drug.

Pfizer plans to advance at least 20 trials for obesity and related conditions in 2026, including 10 ongoing or planned Phase 3 trials for berobenatide.