Two transactions spotlight how late-stage obesity and respiratory immunology assets are attracting fresh capital and strategic attention. Blackstone committed $1.5 billion to back Pfizer’s obesity pipeline, tied to potential milestones for monthly GLP-1 berobenatide as Pfizer advances multiple Phase III studies for chronic weight management. The structure is designed to support development costs through 2028 while preserving Pfizer’s operational control. In parallel, Windward Bio’s Nasdaq debut raised $175 million, with an additional $50 million from Sanofi, as the company pushes respiratory-focused biologic programs. The public listing and co-investment underscores continued investor appetite for immunology platforms tied to defined respiratory targets.