Blackstone backs Pfizer obesity drug studies with $1.5 billion
In short
Blackstone is putting up $1.5 billion for Pfizer obesity drug studies. Pfizer wants to compete with Eli Lilly and Novo Nordisk in the weight-loss market.
The move adds money behind Pfizer’s push after it bought Metsera for up to $10 billion last year.
What the reporting says
Blackstone put up $1.5 billion for Pfizer obesity drug studies as Pfizer seeks to challenge Eli Lilly & Co. and Novo Nordisk A/S in the weight-loss market. The source also says Pfizer acquired Metsera Inc. for up to $10 billion last year. The funding supports Pfizer’s push into a market led by established rivals.
Why it matters
Blackstone is putting up $1.5 billion for Pfizer obesity drug studies as Pfizer tries to compete with Eli Lilly and Novo Nordisk in the weight-loss market. The source also notes Pfizer’s earlier acquisition of Metsera Inc. for up to $10 billion last year. The funding and prior deal show Pfizer’s continued push into obesity and weight-loss drugs.