Nov 11 (Reuters) – Pfizer said on Wednesday that Blackstone would provide up to $1.5 billion through 2028 to help fund the development of an experimental monthly obesity treatment the drugmaker picked up last year with its up to $10 billion acquisition of Metsera.
Pfizer said the deal would give it more flexibility to invest in its broader pipeline across therapeutic areas, adding that it will keep full control over the development program for the drug, berobenatide.
In exchange for the funding, Blackstone will be eligible to receive milestone-based payments, but will not get any rights or ownership in the medication.
The companies did not immediately disclose the size of the milestone payments. They said the payments would be subject to US regulatory approval of monthly dosing of injectable berobenatide monotherapy for chronic weight management, and achievement of certain commercial sales milestones.
(Reporting by Michael Erman in New York; Editing by Bill Berkrot)
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