Key Takeaways
- • Blackstone Life Sciences agreed to pay $1.5 billion in development costs for Pfizer's once-monthly weight-loss candidate berobenatide through 2028, in exchange for milestone-based payments.
- • The deal is Blackstone Life Sciences' third co-funding arrangement with Pfizer, following similar deals struck in 2023 and 2025, and it follows backing for Merck last November and Johnson & Johnson in February.
- • Pfizer is positioning berobenatide as a once-monthly alternative to GLP-1 drugs from Eli Lilly and Novo Nordisk, after scrapping its danuglipron program last year over a liver injury.
- • The program was brought in through Pfizer's acquisition of Metsera, which also delivered the ultra-long-acting amylin receptor agonist MET-233i.
- • Pfizer is using pipeline assets to offset fading Covid revenue and upcoming loss of exclusivity on products including Eliquis and Ibrance; revenue from recently launched and acquired products grew 32% in the latest quarter.
Summary
Pfizer announced on Wednesday a co-funding agreement with Blackstone Life Sciences, the healthcare and life sciences division of Blackstone, the world's largest alternative asset manager. Under the arrangement, Blackstone Life Sciences will pay $1.5 billion in development costs for berobenatide through 2028, with Pfizer's repayment tied to milestone-based payments, according to the publisher summary of the Barron's report.
The agreement is not Blackstone Life Sciences' first with Pfizer. The division struck similar deals in 2023 and 2025 to co-fund quarterly development costs for other Pfizer drug candidates. It has also backed development efforts at other large pharmaceutical companies, including Merck last November and Johnson & Johnson in February.
Berobenatide is central to Pfizer's effort to move beyond its pandemic-era reputation. The drug is being developed as a once-monthly alternative to existing GLP-1 medications from Eli Lilly and Novo Nordisk, which require more frequent dosing. Weight-loss development has been difficult for Pfizer: last year it scrapped its danuglipron program after a patient experienced a potentially drug-induced liver injury that resolved once the patient stopped taking the medication.
Pfizer's renewed push into the diabesity market followed its acquisition of Metsera last year, which brought in berobenatide and MET-233i, an ultra-long-acting amylin receptor agonist. Amylin receptor agonists are viewed as a potential successor class to GLP-1s because they target different receptors in the body.
The broader strategic context is the need to replace fading Covid revenue and offset the loss of exclusivity (LOE) on major products. Patents for Eliquis, developed with Bristol Myers Squibb, have begun to expire in Europe, and the breast-cancer drug Ibrance is slated to lose U.S. patent exclusivity next year. In an interview with Barron's, CEO Albert Bourla said Pfizer has invested almost $80 billion since the pandemic and that its acquired products are performing strongly. Revenue for recently launched and acquired products grew 32% in the latest quarter.
The agreement is not Blackstone Life Sciences' first with Pfizer. The division struck similar deals in 2023 and 2025 to co-fund quarterly development costs for other Pfizer drug candidates. It has also backed development efforts at other large pharmaceutical companies, including Merck last November and Johnson & Johnson in February.
Berobenatide is central to Pfizer's effort to move beyond its pandemic-era reputation. The drug is being developed as a once-monthly alternative to existing GLP-1 medications from Eli Lilly and Novo Nordisk, which require more frequent dosing. Weight-loss development has been difficult for Pfizer: last year it scrapped its danuglipron program after a patient experienced a potentially drug-induced liver injury that resolved once the patient stopped taking the medication.
Pfizer's renewed push into the diabesity market followed its acquisition of Metsera last year, which brought in berobenatide and MET-233i, an ultra-long-acting amylin receptor agonist. Amylin receptor agonists are viewed as a potential successor class to GLP-1s because they target different receptors in the body.
The broader strategic context is the need to replace fading Covid revenue and offset the loss of exclusivity (LOE) on major products. Patents for Eliquis, developed with Bristol Myers Squibb, have begun to expire in Europe, and the breast-cancer drug Ibrance is slated to lose U.S. patent exclusivity next year. In an interview with Barron's, CEO Albert Bourla said Pfizer has invested almost $80 billion since the pandemic and that its acquired products are performing strongly. Revenue for recently launched and acquired products grew 32% in the latest quarter.
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