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30m ago

Pfizer to Acquire Obesity-Drug Developer Metsera in Deal Worth Up to $7.3 Billion

The purchase gives Pfizer a path back into weight-loss medicines following the shutdown of its danuglipron program.

The Pfizer logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE - Pfizer signage is displayed at the Pfizer NYC Headquarters, Thursday, April 10, 2025, in New York. (AP Photo/Yuki Iwamura, File)
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Overview

  • Pfizer will pay $47.50 per share in cash for Metsera, with a contingent value right of up to $22.50 per share tied to clinical and regulatory milestones, valuing the deal at $4.9 billion upfront and up to $7.3 billion.
  • The boards of both companies unanimously approved the agreement, which is expected to close in the fourth quarter of 2025 pending Metsera shareholder and regulatory approvals.
  • Metsera’s pipeline includes MET-097i, a weekly and monthly injectable GLP-1 receptor agonist in Phase 2, MET-233i, a monthly amylin analogue in Phase 1 and in combination testing, and two oral GLP-1 candidates slated to begin trials.
  • The CVR milestones include $5 per share upon the start of a Phase 3 trial for the MET-097i+MET-233i combination, $7 per share if MET-097i is approved as a monotherapy, and $10.50 per share if the combination is approved.
  • Metsera shares jumped about 60% on the news, while Pfizer gained modestly as investors weighed the company’s renewed push into the competitive obesity-drug market led by Novo Nordisk and Eli Lilly.