On November 11, 2026, Pfizer Inc. secured up to $1.5 billion from Blackstone Life Sciences through 2028 to co-fund Phase 3 development of berobenatide, an experimental monthly GLP-1 obesity treatment acquired via Metsera Inc. for up to $10 billion. Pfizer retains full program ownership while Blackstone gains milestone payments tied to U.S. regulatory approval and sales goals. The deal helps Pfizer preserve capital as it seeks to compete with Eli Lilly & Co. and Novo Nordisk A/S in weight loss.
Pfizer and Blackstone berobenatide funding agreement
- ▪Under the November 11, 2026 agreement, milestone payments to Blackstone Life Sciences require U.S. regulatory approval of monthly dosing of injectable berobenatide monotherapy for chronic weight management and commercial sales goals, without gaining rights or equity ownership in the drug
- ▪Pfizer Inc. reached an agreement with Blackstone Inc. under which Blackstone Life Sciences will provide up to $1.5 billion to fund clinical development of Pfizer's obesity drug, berobenatide
- ▪Pfizer Inc. will maintain full ownership and operational control over the clinical development program for berobenatide under its funding deal with Blackstone Inc.
Blackstone's history with pharma co-funding agreements
- ▪Pfizer Inc. previously signed a co-funding agreement with Blackstone Inc. in April 2023, receiving up to $550 million through 2026 to support development costs for select pharmaceutical treatments
- ▪Blackstone Inc. has expanded its involvement in co-funding clinical drug development trials in recent years
- ▪In 2024, Blackstone Inc. reached an agreement to fund trials for Moderna Inc.’s influenza vaccine, which subsequently received U.S. regulatory approval in summer 2026
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