Pfizer struck a major financing partnership with Blackstone Life Sciences to bankroll additional late-stage development for berobenatide, a once-monthly GLP-1 obesity drug acquired via Pfizer’s 2024 Metsera deal. The arrangement supports up to $1.5B toward clinical trials, including as many as 10 Phase 3 studies, underscoring how intensively companies are gearing up for next-generation injectable weight loss competition. The funding comes as Pfizer balances potential revenue headwinds from patent expirations while trying to keep pace with market leaders. Berobenatide is positioned as a longer-lasting alternative designed around less frequent dosing, with development plans that could extend beyond placebo-controlled studies as the company seeks stronger differentiation. Separately, Swiss immunology biotech Windward Bio raised $175M in an IPO to advance its TSLP-targeting asthma and COPD programs, illustrating continued investor appetite for immunology franchises with tractable differentiation in dosing and inflammation biology.