Pfizer and Blackstone Life Sciences have announced a strategic co-funding agreement under which funds managed by Blackstone will pay up to $1.5 billion of development costs through 2028 for berobenatide, an investigational, potential first-in-class monthly GLP-1 receptor agonist peptide being studied for chronic weight management and obesity-related conditions.
In exchange for the funding, Blackstone will be eligible to receive milestone-based payments, subject to U.S. regulatory approval of monthly dosing of injectable berobenatide monotherapy for chronic weight management and the achievement of certain commercial sales milestones. Any milestone payments would be payable over a multi-year period.
Blackstone does not acquire any rights or ownership in berobenatide, and Pfizer retains full operational control and decision-making for the program. Funds managed by Blackstone's perpetual private equity strategy will invest alongside funds managed by Blackstone Life Sciences.
CFO Cecile Guegan said the pairing of internal research investments with targeted investment from capital partners helps advance the company's comprehensive obesity program while maintaining financial capacity and flexibility to invest in the broader pipeline. Blackstone Life Sciences Global Head Dr. Nicholas Galakatos said the collaboration supports the broad development of berobenatide as the anchor of Pfizer's cardiometabolic pipeline.
Pfizer plans to advance more than 20 trials for obesity and related comorbidities in 2026, including 10 ongoing and planned Phase 3 trials for berobenatide, which is being studied for chronic weight management and obesity-related comorbidities including knee osteoarthritis and obstructive sleep apnea. The development program includes berobenatide as a monotherapy and in combination with Nutrient-Stimulated Hormone peptides including amylin analogs.
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