pH sensitive liposomes were prepared using a terminally-alkylated copolymer of N-isopropylacrylamide (NIPAM) and methacrylic acid (MAA) and poly(ethylene glycol) phospholipid derivative. The pH-triggered content release was evaluated before and after incubation in serum. Pharmacokinetic and biodistribution profiles of the formulations were established in rats. This study showed that a pH-sensitive, serum-stable and long-circulating liposomal formulation can be produced.