Overview
- Pfizer completed the acquisition of Metsera, which becomes a wholly owned subsidiary with Nasdaq trading of its shares ending after market close.
- Terms include $65.60 per share in cash plus contingent value rights of up to $20.65 per share tied to three milestones, valuing the deal at about $7 billion to roughly $10 billion.
- The purchase brings MET-097i, a weekly and monthly injectable GLP-1 nearing Phase 3, MET-233i, a monthly amylin analog in Phase 1, an oral GLP-1 in Phase 1, and additional preclinical programs.
- Metsera’s board pivoted to Pfizer after the FTC warned that Novo Nordisk’s two-step proposal could pose antitrust risks, leading Novo to withdraw following a weeks-long bidding contest.
- Pfizer targets potential market entry for Metsera-derived obesity treatments in 2028 if development succeeds and says the transaction will be dilutive through 2030 with updated guidance to come alongside its 2026 outlook.