经济观察报·2025-12-10 03:44Core Insights - Pfizer has entered into a licensing agreement with Chinese company YaoYao Pharmaceutical for the development of a GLP-1 receptor agonist, indicating a strategic move to expand its portfolio in the obesity treatment market, which includes both human and animal applications [2][3][4]. Group 1: Licensing Agreement Details - The agreement grants Pfizer exclusive global rights for the development, use, production, and commercialization of the GLP-1 drug [3]. - Pfizer will pay an upfront fee of $150 million, milestone payments totaling $350 million, and up to $1.585 billion in sales milestone payments, bringing the total potential deal value to $2.085 billion [3]. - This deal aligns with similar licensing agreements in the GLP-1 space, which have also seen total transaction values around $2 billion [3]. Group 2: Market Context and Trends - GLP-1 drugs are currently among the top-selling medications for diabetes and obesity, with significant market potential due to the rising prevalence of obesity [3]. - In the U.S., 61% of cats and 59% of dogs are reported to be overweight or obese, highlighting a substantial market for veterinary applications of GLP-1 drugs [4][5]. - The global pet population exceeds 1 billion, indicating a large potential market for animal health products, including obesity treatments [4]. Group 3: Historical Context and Future Prospects - Pfizer has faced challenges in developing its own GLP-1 drugs, having terminated three oral GLP-1 candidates and only one currently in clinical II phase [4]. - The company previously launched an animal obesity drug, Dirlotapide, which was withdrawn due to adverse effects, but is now exploring the potential of GLP-1 drugs for treating pet diabetes and other conditions [5][6]. - The veterinary market for GLP-1 drugs is being explored by other companies, such as Okava, which is conducting clinical trials for a GLP-1 drug aimed at pets [5].