Pfizer adds to obesity bet with up to $2.1 billion deal to develop Chinese company's pill 

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Pfizer

on Tuesday said it has struck an up to $2.1 billion licensing deal with YaoPharma to develop and commercialize its obesity pill, furthering the pharmaceutical company’s push into the weight loss space.

Pfizer will pay YaoPharma, a subsidiary of Chinese drugmaker Shanghai Fosun Pharmaceutical, an upfront payment of $150 million. YaoPharma could also receive up to $1.94 billion in milestone payments, along with tiered royalties on sales if the drug is approved.

YaoPharma’s drug works by targeting the same gut hormone, GLP-1, as Novo Nordisk