Overview

• Pfizer agreed to pay $47.50 per share in cash plus up to $22.50 per share tied to three clinical and regulatory milestones for Metsera’s MET-097i+MET-233i obesity combination.
• Boards of both companies have approved the transaction, which still requires a vote by Metsera shareholders and clearance from regulators.
• Metsera shares surged about 60% in premarket trading following the announcement, while Pfizer’s stock moved modestly higher.
• Metsera is advancing injectable and oral weight-loss candidates; its lead injectable, MET-097i, produced an average 11.3% weight loss in a mid-stage study, the company said.
• The move follows Pfizer’s April halt of its danuglipron pill program and seeks to re-establish a presence in a market led by Novo Nordisk and Eli Lilly.