Pfizer has agreed to pay up to US$2.1 billion to Fosun Pharma's unit Yao Pharma for rights to an experimental oral obesity drug, reports Hong Kong's South China Morning Post. The deal highlights a growing trend of Chinese drug makers selling early-stage assets to global multinationals.

Under the agreement, Yao Pharma will grant Pfizer exclusive worldwide rights to develop, manufacture and commercialise oral small-molecule drugs known as GLP-1 receptor agonists. This includes YP05002 and any products containing such compounds as active ingredients.

GLP-1 therapies have become highly competitive in the global pharmaceutical market. Injectable drugs such as Novo Nordisk's Wegovy and Ozempic, and Eli Lilly's Zepbound and Mounjaro, have already generated billions of dollars in annual revenue.