Blackstone to provide Pfizer up to $1.5 billion through 2028 to support clinical program for GLP-1 receptor agonist
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.
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