Blackstone commits up to $1.5 billion to Pfizer obesity drug trials

Blackstone Life Sciences agreed to provide Pfizer with up to $1.5 billion to support development of berobenatide, Pfizer’s monthly injectable obesity drug candidate. Funds managed by Blackstone’s life sciences and perpetual private equity strategies will finance development. Blackstone could receive milestone payments tied to regulatory progress and potential commercialization, while Pfizer retains control of the drug and clinical program, MedCity News reported.

Pfizer is evaluating berobenatide for obesity and related conditions. MedCity News reported that Pfizer says the program could grow to more than 20 trials, including studies in knee osteoarthritis and obstructive sleep apnea. Financial details of the milestone payments were not disclosed, MedCity News reported.