Pfizer Signs License Deal With Fosun Unit for Obesity Drug (2)

Pfizer Inc. reached a deal with a unit of China’s Shanghai Fosun Pharmaceutical Group Co. to co-develop a weight loss drug, as the American pharma giant doubles down on its obesity drug bets.

The agreement with Fosun’s YaoPharma is for the development, manufacturing and commercialization of YP05002, a small molecule glucagon-like peptide 1 — or GLP-1 — receptor agonist currently in phase 1 development for chronic weight management, according to a company statement.

Fosun Pharma’s shares surged as much as 6.8% in Hong Kong on Wednesday morning, marking their strongest rally since September.

Pfizer had been trying to ...