Overview

• Pfizer agreed to acquire Metsera for $47.50 per share in cash, valuing the deal at about $4.9 billion upfront with a contingent value right of up to $22.50 per share that lifts the total to as much as $7.3 billion.
• Both boards approved the transaction, which still needs Metsera shareholder and regulatory clearance and is targeted to close in the fourth quarter of 2025.
• Metsera’s pipeline features MET-097i, a GLP-1 receptor agonist in weekly and monthly injectable Phase II studies, and MET-233i, a monthly amylin analogue in Phase I as monotherapy and in combination, plus two oral GLP-1 candidates expected to start trials imminently.
• The CVR pays $5 per share at the Phase III start for the MET-097i+MET-233i combination, $7 per share upon FDA approval of monthly MET-097i monotherapy, and $10.50 per share upon FDA approval of the combination.
• Metsera shares jumped roughly 60% after the announcement while Pfizer edged higher, as the deal marks Pfizer’s formal re-entry into obesity therapeutics following the April halt of its danuglipron program over a potential liver‑injury signal.