Key Takeaways
- • Pfizer secured up to $1.5 billion in financing from Blackstone Life Sciences to fund clinical trials of berobenatide, a monthly-dosed GLP-1 obesity drug.
- • In exchange, Blackstone becomes eligible for undisclosed milestone payments tied to regulatory progress and commercialization, but gains no rights to the drug; Pfizer retains full control of the asset and clinical decisions.
- • Berobenatide (formerly MET-097i) originates from Metsera, which Pfizer acquired last year in a $10 billion deal after outbidding Novo Nordisk.
- • Pfizer plans a clinical program that could expand to more than 20 trials across obesity and related comorbidities such as knee osteoarthritis and obstructive sleep apnea.
Summary
Pfizer has secured up to $1.5 billion from Blackstone Life Sciences to fund tests of berobenatide, a GLP-1 peptide that forms the cornerstone of the company's cardiometabolic pipeline. The deal was announced after the close of market on Wednesday. Blackstone's return is structured as eligibility for milestone payments linked to the drug's regulatory progress and potential commercialization. Financial terms of those milestones were not disclosed, though the publication notes that payments could be substantial given the size of the cardiometabolic disease market. Under the arrangement, funds managed by Blackstone's perpetual private equity strategy will invest alongside funds managed by Blackstone Life Sciences. Milestone payments would be paid out over a multi-year period if targets are achieved. Blackstone acquires no rights to the drug, and Pfizer maintains full control over the asset and all clinical program decisions.
Berobenatide was the lead obesity candidate at Metsera, where it was developed as MET-097i. It is a long-acting injectable designed for monthly dosing, a profile that contrasts with the weekly injectable Wegovy from Novo Nordisk. Pfizer acquired Metsera about a year ago in a $10 billion transaction after beating out Novo. The acquisition followed the failure of Pfizer's internal oral GLP-1 research, which prompted the company to seek external assets. Pfizer's cardiometabolic pipeline also includes an oral GLP-1 drug licensed last year from Shanghai-based YaoPharma.
Pfizer says it is evaluating berobenatide in a broad clinical program that could grow to more than 20 trials in obesity and related conditions, including knee osteoarthritis and obstructive sleep apnea. The company also cites growing evidence supporting development of the peptide both as a monotherapy and in combination with nutrient-stimulated hormone (NuSH) peptides, including amylin analogs. Pfizer CFO and Executive Vice President Cecile Guegan described the company's approach as "a disciplined approach that pairs internal research investments with targeted investment from capital partners," adding that the deal helps maintain financial capacity to invest across the broader pipeline.
The competitive backdrop remains demanding. Novo Nordisk and Eli Lilly lead obesity peptide therapies and have secured related approvals: Wegovy is approved for MASH, and the Wegovy pill's weight-management label includes reduction of major cardiovascular event risk, while Lilly's Zepbound has added obstructive sleep apnea to its label. Lilly's retatrutide, which targets GLP-1, GIP and glucagon receptors, is in a broad trial program across obesity and type 2 diabetes. Pfizer is positioning berobenatide's monthly dosing as a convenience advantage rather than competing on efficacy.
Blackstone has pursued similar structures elsewhere in biopharma. Earlier this year it agreed to provide Apogee Therapeutics up to $1.3 billion for late-stage development of a long-acting antibody for atopic dermatitis, in exchange for royalties on approved sales; Apogee was later acquired by AbbVie for about $11 billion. Blackstone also has agreements with Moderna and Alnylam Pharmaceuticals that provide milestone payments and royalties.
Berobenatide was the lead obesity candidate at Metsera, where it was developed as MET-097i. It is a long-acting injectable designed for monthly dosing, a profile that contrasts with the weekly injectable Wegovy from Novo Nordisk. Pfizer acquired Metsera about a year ago in a $10 billion transaction after beating out Novo. The acquisition followed the failure of Pfizer's internal oral GLP-1 research, which prompted the company to seek external assets. Pfizer's cardiometabolic pipeline also includes an oral GLP-1 drug licensed last year from Shanghai-based YaoPharma.
Pfizer says it is evaluating berobenatide in a broad clinical program that could grow to more than 20 trials in obesity and related conditions, including knee osteoarthritis and obstructive sleep apnea. The company also cites growing evidence supporting development of the peptide both as a monotherapy and in combination with nutrient-stimulated hormone (NuSH) peptides, including amylin analogs. Pfizer CFO and Executive Vice President Cecile Guegan described the company's approach as "a disciplined approach that pairs internal research investments with targeted investment from capital partners," adding that the deal helps maintain financial capacity to invest across the broader pipeline.
The competitive backdrop remains demanding. Novo Nordisk and Eli Lilly lead obesity peptide therapies and have secured related approvals: Wegovy is approved for MASH, and the Wegovy pill's weight-management label includes reduction of major cardiovascular event risk, while Lilly's Zepbound has added obstructive sleep apnea to its label. Lilly's retatrutide, which targets GLP-1, GIP and glucagon receptors, is in a broad trial program across obesity and type 2 diabetes. Pfizer is positioning berobenatide's monthly dosing as a convenience advantage rather than competing on efficacy.
Blackstone has pursued similar structures elsewhere in biopharma. Earlier this year it agreed to provide Apogee Therapeutics up to $1.3 billion for late-stage development of a long-acting antibody for atopic dermatitis, in exchange for royalties on approved sales; Apogee was later acquired by AbbVie for about $11 billion. Blackstone also has agreements with Moderna and Alnylam Pharmaceuticals that provide milestone payments and royalties.
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