Pfizer and Blackstone Life Sciences have entered into a strategic co-funding agreement under which funds managed by Blackstone will provide up to $1.5 billion towards the development costs of berobenatide through 2028.
Berobenatide (PF’3944) is an investigational, potential first-in-class monthly glucagon-like peptide-1 (GLP-1) receptor agonist peptide being developed for chronic weight management and obesity-related conditions.
Under the agreement, Blackstone will be eligible to receive milestone-based payments, subject to US regulatory approval of monthly injectable berobenatide monotherapy for chronic weight management and the achievement of specified commercial sales milestones.
Any payments earned will be made to Blackstone over a multi-year period. Blackstone will not acquire any rights or ownership in berobenatide, while Pfizer will retain full operational control and decision-making authority over the development programme.
Funds managed by Blackstone’s perpetual private equity strategy (BXPE) will invest alongside funds managed by Blackstone Life Sciences as part of the transaction.
Cecile Guegan, chief financial officer and executive vice president at Pfizer, said the partnership with Blackstone will help the company advance its obesity programme and maintain the financial capacity and flexibility to invest in its broader pipeline across all therapeutic areas.
Dr Nicholas Galakatos, global head of Blackstone Life Sciences, said the collaboration would further expand the firm’s relationship with Pfizer and support the development of berobenatide as the anchor of Pfizer’s cardiometabolic pipeline.
“This collaboration is a good example of our leadership in providing capital solutions at scale to advance important medicines and technologies to patients,” he added.
Pfizer advances obesity and cardiometabolic pipeline
Pfizer plans to advance more than 20 clinical trials for obesity and related comorbidities in 2026. This includes 10 ongoing and planned Phase 3 trials for berobenatide.
The investigational therapy is being studied as a monotherapy and in combination with various nutrient-stimulated hormone (NuSH) peptides, including amylin analogues.
Its development programme will evaluate the potential of berobenatide in chronic weight management and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnoea.
