SHERIDAN, WYOMING - December 10, 2025 - Pfizer Inc. is expanding its cardiometabolic ambitions through an exclusive global collaboration and license agreement with YaoPharma, a subsidiary of Shanghai Fosun Pharmaceutical, to develop, manufacture and commercialize YP05002, an oral GLP-1 receptor agonist currently in Phase 1 for chronic weight management. The deal strengthens Pfizer's position in the fast-moving obesity field and adds a differentiated small-molecule asset to its portfolio of metabolic disease candidates.
Strategic Bet on Small-Molecule GLP-1 in Obesity
Under the agreement, China-based YaoPharma will complete an ongoing Phase 1 study of YP05002 before transferring global development and commercialization rights to Pfizer. For Pfizer, the asset fits neatly into a strategy that aims to pair novel mechanisms with scalable, oral delivery formats for obesity and adjacent cardiometabolic conditions.
Chris Boshoff, M.D., Ph.D., Chief Scientific Officer and President, Research & Development at Pfizer, framed the transaction as a core growth lever. "We look forward to contributing our expertise and resources to continue the development of this investigational GLP-1 small molecule which complements and strengthens our growing portfolio of novel candidates for treating obesity and its adjacent diseases," he said. "Cardiometabolic research is a strategic priority for Pfizer that has the potential to be a key driver of growth for our business."
Deal Economics: Upfront, Milestones and Global Rights
The agreement provides YaoPharma with meaningful non-dilutive capital while giving Pfizer full control of late-stage development and commercial strategy. YaoPharma will receive a $150 million upfront payment and is eligible for up to $1.935 billion in development, regulatory and commercial milestones, plus tiered royalties on future sales, if the product is approved.
Once the Phase 1 trial is completed, Pfizer will lead subsequent clinical programs, regulatory filings and commercialization efforts worldwide. Structurally, the deal allows both partners to play to their strengths: YaoPharma advances a promising GLP-1 small molecule through early validation, while Pfizer leverages its global scale, regulatory expertise and cardiometabolic franchise to drive later-stage value.
Combination Strategy Across Pfizer's Obesity Pipeline
Beyond stand-alone development, Pfizer intends to position YP05002 within a broader combination approach. The company plans to run studies pairing YP05002 with its GIPR antagonist PF-07976016, which is already in Phase 2, as well as other small molecules in its pipeline.
This reflects an emerging view in obesity medicine that multi-pathway pharmacology-such as GLP-1 plus GIP or other hormonal and metabolic targets-may drive deeper, more durable weight loss and cardiometabolic benefits. With an oral GLP-1 backbone, Pfizer can explore flexible combination regimens that could differentiate its offering in a field currently dominated by injectable incretin therapies.
Positioning in a Competitive Global Cardiometabolic Market
The collaboration underscores how rapidly the obesity and cardiometabolic market is evolving into a strategic battleground for global pharma. By securing worldwide rights to a Phase 1 GLP-1 asset originating from China, Pfizer not only broadens its candidate pool but also diversifies technology and geographic risk within its portfolio.
For YaoPharma and parent Fosun Pharma, the deal validates their R&D capabilities on a global stage and creates a pathway for China-originated innovation to reach worldwide obesity markets. The economics of the transaction-frontloaded cash plus substantial milestones-also help fund further research and pipeline expansion in metabolic and other therapeutic areas.
Regulatory Pathway and Development Risk Considerations
As with all early-stage cardiometabolic programs, the path from Phase 1 to approval is long and risk-bearing. Pfizer's disclosure highlights the usual uncertainties around clinical endpoints, trial design, regulatory interpretations and competitive dynamics in obesity. Safety, tolerability and long-term cardiovascular outcomes will remain critical regulatory focus points for any GLP-1-based therapy.
Nevertheless, by acquiring rights at the Phase 1 stage, Pfizer gains flexibility to shape global development strategy, including dose selection, combination trial design and indication sequencing across chronic weight management and potential adjacent metabolic indications. Success would further solidify cardiometabolic research as a key growth driver within Pfizer's long-term business plan.
For more information on Pfizer's pipeline, partnerships and corporate strategy, visit www.pfizer.com.