Pfizer Nabs China Obesity Drug Rights in $495 Million Deal (1)

Pfizer Inc. has acquired exclusive rights to commercialize an obesity therapy in China, strengthening its push into the fast-growing weight loss market.

The American drugmaker struck a deal with local startup, Hangzhou Sciwind Bioscience Co., for ecnoglutide, a drug recently approved in China for diabetes and is currently under regulatory review for obesity, according to a statement on WeChat.

The deal, which is worth as much as $495 million and grants Pfizer exclusive rights to market the drug on the Chinese mainland, includes upfront payment as well as milestone-based fees, Sciwind said, without disclosing the specifics.

It “accelerates Pfizer’s ...