Pfizer secures $1.5 billion to develop obesity drug
Following the high-profile bidding war with Novo Nordisk over Metsera, Pfizer is taking the next step in its obesity strategy. Investment firm Blackstone will now provide up to $1.5 billion to finance the development of a drug designed to be administered once a month.
The agreement covers the experimental drug candidate berobenatide, which was included in Pfizer’s acquisition of US-based Metsera last year.
Blackstone, the world’s largest alternative asset manager, will provide funding through 2028 in exchange for the right to future milestone payments, but will receive no equity stake or rights to the drug. The details were announced in a press release from Pfizer on Wednesday.
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