Pfizer Lands $1.5 Billion From Blackstone Life Sciences to Fund Obesity Drug Berobenatide Through 2028

Pfizer and Blackstone Life Sciences have struck a strategic co-funding agreement under which funds managed by Blackstone will cover up to $1.5 billion in development costs through 2028 for berobenatide, an investigational monthly GLP-1 receptor agonist peptide being studied for chronic weight management and obesity-related conditions. Pfizer retains full operational control of the berobenatide program under the terms of the deal.

Berobenatide is a potential first-in-class monthly injectable GLP-1 receptor agonist that Pfizer added to its pipeline through the acquisition of obesity drugmaker Metsera in November 2025. Pfizer has been advancing the drug into Phase 3 trials targeting adults with obesity or overweight, and has planned as many as 10 pivotal studies for the candidate in 2026. In exchange for its funding commitment, Blackstone will receive a financial return tied to the program, the structure of which mirrors a co-development risk-sharing model.