Pfizer partners with China's YaoPharma for weight loss drug; shares up

Shares of vaccine maker Pfizer PFE.N rise 1.5% to $26.15 premarket

Pfizer says it has entered into an exclusive licensing agreement with YaoPharma, a subsidiary of Shanghai Fosun Pharmaceutical 600196.SS, for the development and commercialization of an experimental weight management treatment

YaoPharma will receive an upfront payment of $150 million and is eligible to receive milestone payments up to $1.935 billion, as well as tiered royalties on sales, if approved

Up to last close, PFE down 2.8% YTD