November 11, 2026 --NEW YORK & CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) and Blackstone Life Sciences (“Blackstone”) today announced a strategic co-funding agreement under which funds managed by Blackstone will pay up to a total of $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 achievement of certain commercial sales milestones.
“Our aim is to bring important new medicines to patients while taking a disciplined approach that pairs internal research investments with targeted investment from capital partners. Today’s announcement helps us advance our comprehensive obesity program and maintain the financial capacity and flexibility to invest in our broader pipeline across all therapeutic areas.”
— Cecile Guegan, Chief Financial Officer and Executive Vice President, Pfizer
"We are pleased to further expand our relationship with Pfizer and support the broad and rigorous 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."
— Dr. Nicholas Galakatos, Global Head of Blackstone Life Sciences
Any milestone payments, if earned, will be payable to Blackstone over a multi-year period. Under the agreement, Blackstone does not acquire any rights or ownership in berobenatide, and Pfizer retains full operational control and decision-making with respect to the berobenatide program. Funds managed by Blackstone's perpetual private equity strategy (BXPE) will invest alongside funds managed by Blackstone Life Sciences as part of the transaction.
About Berobenatide and Pfizer’s Cardiometabolic Pipeline
Pfizer plans to advance 20+ trials for obesity and related comorbidities in 2026. This includes 10 ongoing and planned Phase 3 trials for berobenatide (PF’3944), an investigational, potential first-in-class monthly GLP-1 receptor agonist (GLP-1 RA) peptide being studied for chronic weight management and obesity-related comorbidities including knee osteoarthritis and obstructive sleep apnea. The growing body of evidence supports advancing an extensive development program for berobenatide as a monotherapy and in combination with various Nutrient-Stimulated Hormone (NuSH) peptides including amylin analogs.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For over 175 years, we have worked to make a difference for all who rely on us.
About Blackstone Life Sciences
Blackstone Life Sciences is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $18 billion in assets under management.