Pfizer Inc. (NYSE: PFE) has announced plans to acquire Metsera, Inc. (NASDAQ: MTSR), a clinical-stage biopharmaceutical company developing next-generation obesity and cardiometabolic treatments. The all-cash deal, valued at $47.50 per share, represents an enterprise value of approximately $4.9 billion, with the potential for an additional $22.50 per share in contingent milestone payments tied to clinical and regulatory approvals.
The acquisition marks Pfizer’s most significant push yet into the rapidly growing obesity treatment market, an area forecasted to reach hundreds of billions in value globally over the coming decade. With over 200 health conditions linked to obesity, pharmaceutical companies are racing to develop therapies that offer stronger efficacy, fewer side effects, and more convenient dosing schedules.
Metsera brings to Pfizer a diverse pipeline of incretin and amylin programs, including both injectable and oral formulations designed to improve weight loss outcomes. Its lead candidates include:
- MET-097i, a weekly and monthly injectable GLP-1 receptor agonist currently in Phase 2 trials.
- MET-233i, a monthly amylin analog in Phase 1 development, being tested both as monotherapy and in combination with MET-097i.
- Two oral GLP-1 receptor agonist candidates expected to begin clinical trials in the near term.
- Additional preclinical nutrient-stimulated hormone therapeutics under development.
Preliminary clinical data for MET-233i presented at the 61st Annual Meeting of the European Association for the Study of Diabetes (EASD) indicated a potentially best-in-class profile, with strong durability and tolerability supporting less frequent injections.
Pfizer expects to leverage its global clinical, manufacturing, and commercial infrastructure to accelerate the development of Metsera’s portfolio. The acquisition aligns with the company’s broader strategy of expanding into high-growth therapeutic areas where demand is accelerating.
Under the agreement, Metsera shareholders will receive $47.50 in cash upon closing, with the possibility of an additional $22.50 per share through contingent value rights (CVRs). These CVRs include:
- $5 per share upon the initiation of a Phase 3 trial for the MET-097i + MET-233i combination.
- $7 per share upon U.S. FDA approval of MET-097i as a monthly monotherapy.
- $10.50 per share upon FDA approval of the monthly MET-097i + MET-233i combination.
If all milestones are achieved, the transaction value could exceed $7 billion.
The deal has been unanimously approved by both companies’ boards of directors and is expected to close in the fourth quarter of 2025, subject to regulatory approval and shareholder consent.
With this acquisition, Pfizer joins competitors such as Eli Lilly and Novo Nordisk in intensifying the race to dominate the obesity treatment market. By combining Metsera’s innovative science with Pfizer’s scale, the company aims to deliver next-generation weight management solutions to millions of patients worldwide.
