Key Takeaways
- • Pfizer (PFE) and Blackstone Life Sciences announced a co-funding agreement under which Blackstone-managed funds will shoulder up to $1.5 billion of R&D expenses for berobenatide, Pfizer's investigational monthly obesity injection, through 2028.
- • Blackstone's return is milestone-based: payments depend on U.S. regulatory approval of monthly dosing of berobenatide monotherapy for chronic weight management and on certain commercial sales milestones, paid over a multi-year period.
- • Blackstone acquires no rights or ownership in berobenatide; Pfizer retains full operational control and decision-making over the program.
- • BXPE, Blackstone's perpetual private equity vehicle, will invest alongside the Blackstone Life Sciences funds.
- • Pfizer plans more than 20 obesity-related studies in 2026, including 10 ongoing and planned Phase 3 trials for berobenatide, and is entering a weight-loss market dominated by Eli Lilly and Novo Nordisk.
Summary
Pfizer and Blackstone Life Sciences announced a co-funding agreement on Wednesday under which Blackstone-managed funds will bear as much as $1.5 billion of research and development expenses for berobenatide, an investigational monthly injection being studied for chronic weight management and obesity-related conditions. The arrangement runs through 2028, according to the companies, as reported by Quartz.
In exchange, Blackstone could receive milestone payments tied to U.S. regulatory approval of monthly dosing of injectable berobenatide monotherapy for chronic weight management, as well as to certain commercial sales milestones. Any payments earned will be made over a multi-year period. The companies stated that Blackstone does not acquire any rights or ownership in the drug, and that Pfizer retains full operational control and decision-making authority over the program. Funds managed by BXPE, Blackstone's perpetual private equity strategy, will invest alongside the Blackstone Life Sciences funds.
Pfizer Chief Financial Officer Cecile Guegan said the company's aim is to bring new medicines to patients through a disciplined approach that pairs internal research with targeted investment from capital partners. She added that the announcement helps advance Pfizer's comprehensive obesity program while preserving financial capacity to invest across its broader pipeline. Nicholas Galakatos, global head of Blackstone Life Sciences, said the firm was pleased to expand its relationship with Pfizer and support development of berobenatide as the anchor of Pfizer's cardiometabolic pipeline.
Pfizer intends to advance more than 20 studies covering obesity and related conditions during 2026, including 10 ongoing and planned Phase 3 trials for berobenatide. The drug is being studied for conditions such as knee osteoarthritis and obstructive sleep apnea, both as a monotherapy and in combination with other peptides, including amylin analogs.
According to Bloomberg, Pfizer is pushing into a weight-loss field currently dominated by Eli Lilly and Novo Nordisk. The company acquired Metsera in 2025 in a deal worth up to $10 billion.
In exchange, Blackstone could receive milestone payments tied to U.S. regulatory approval of monthly dosing of injectable berobenatide monotherapy for chronic weight management, as well as to certain commercial sales milestones. Any payments earned will be made over a multi-year period. The companies stated that Blackstone does not acquire any rights or ownership in the drug, and that Pfizer retains full operational control and decision-making authority over the program. Funds managed by BXPE, Blackstone's perpetual private equity strategy, will invest alongside the Blackstone Life Sciences funds.
Pfizer Chief Financial Officer Cecile Guegan said the company's aim is to bring new medicines to patients through a disciplined approach that pairs internal research with targeted investment from capital partners. She added that the announcement helps advance Pfizer's comprehensive obesity program while preserving financial capacity to invest across its broader pipeline. Nicholas Galakatos, global head of Blackstone Life Sciences, said the firm was pleased to expand its relationship with Pfizer and support development of berobenatide as the anchor of Pfizer's cardiometabolic pipeline.
Pfizer intends to advance more than 20 studies covering obesity and related conditions during 2026, including 10 ongoing and planned Phase 3 trials for berobenatide. The drug is being studied for conditions such as knee osteoarthritis and obstructive sleep apnea, both as a monotherapy and in combination with other peptides, including amylin analogs.
According to Bloomberg, Pfizer is pushing into a weight-loss field currently dominated by Eli Lilly and Novo Nordisk. The company acquired Metsera in 2025 in a deal worth up to $10 billion.
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