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Blackstone backs Pfizer's experimental obesity drug.

There’s money for the work, but no handoff of the drug: Blackstone-managed funds will cover up to $1.5 billion in development costs through 2028, while Pfizer keeps full ownership, operational control and decision-making authority over the program. Blackstone may also qualify for milestone payments, but only if berobenatide gets U.S. approval for monthly use as a standalone obesity treatment and meets specified sales targets. The potential total value of those payments hasn’t been disclosed. The drug remains investigational and isn’t approved. Pfizer says it plans more than 20 clinical trials in obesity and related conditions in 2026, including 10 Phase 3 studies of berobenatide that are ongoing or planned.

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