Overview

• Pfizer agreed to acquire Metsera for $4.9 billion upfront, with total consideration of up to $7.3 billion via contingent payments tied to development.
• Terms include $47.50 in cash per share plus up to $22.50 per share in milestone-based contingent value rights, subject to shareholder and regulatory approvals with closing targeted for late 2025.
• Metsera’s lead asset, MET-097i, is a long-acting GLP‑1 injection designed for potentially monthly dosing and is in Phase 2 testing after early data showed a 7.5% average weight reduction after 37 days.
• The pipeline also features an amylin analog (MET-233i), planned combinations with GLP‑1, and oral programs that Pfizer says could broaden its cardiometabolic portfolio.
• Pfizer frames the deal as a path to leadership and a late‑2020s growth catalyst, while analysts caution that the company is entering a crowded field with no Phase 3 trials yet and view the move as supportive of continued obesity R&D investment in China.