Blackstone (BX.US) provides up to $1.5 billion in "capital injection," adding ammunition to Pfizer's (PFE.US) weight-loss drug race

Zhitong Finance APP has learned that Pfizer (PFE.US) announced on Wednesday that it has reached an agreement with Blackstone (BX.US) to obtain up to US$1.5 billion in funding to support the development of its experimental monthly obesity treatment drug. According to statements released by the two companies, a fund managed by Blackstone Life Sciences under Blackstone will cover up to US$1.5 billion of the drug's development costs by 2028. The drug is injectable berobenatide, which Pfizer is testing as a once-monthly weight-loss injection.