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Pfizer to Acquire Metsera and its Next-Generation Obesity Portfolio for $4.9 billion
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In a definitive agreement, Pfizerannounced that it will acquire Metsera, a clinical-stage biopharmaceutical company focused on developing next-generation medicines for obesity and cardiometabolic diseases. The transaction is valued at an initial enterprise value of approximately $4.9 billion, with an upfront payment of $47.50 per Metsera share in cash. The agreement also includes a non-transferable contingent value right (CVR) that could provide an additional $22.50 per share in cash, tied to three specific milestones: the start of a Phase 3 trial for the MET-097i+MET-233i combination ($5 per share), and U.S. FDA approval for both the monthly MET-097i monotherapy ($7 per share) and the MET-097i+MET-233i combination ($10.50 per share). announced that it will acquire Metsera, a clinical-stage biopharmaceutical company focused on developing next-generation medicines for obesity and cardiometabolic diseases. The transaction is valued at an initial enterprise value of approximately $4.9 billion, with an upfront payment of $47.50 per Metsera share in cash. The agreement also includes a non-transferable contingent value right (CVR) that could provide an additional $22.50 per share in cash, tied to three specific milestones: the start of a Phase 3 trial for the MET-097i+MET-233i combination ($5 per share), and U.S. FDA approval for both the monthly MET-097i monotherapy ($7 per share) and the MET-097i+MET-233i combination ($10.50 per share).

Pfizer Chairman and CEO Albert Bourla stated that this acquisition aligns with the company's focus on impactful opportunities and propels Pfizer into the key therapeutic area of obesity, where over 200 health conditions are associated with the disease. The acquisition brings a portfolio of promising candidates, including four programs already in clinical development, with the aim of addressing unmet needs through fewer injections, improved efficacy, and better tolerability. These include the weekly and monthly injectable GLP-1 receptor agonist MET-097i in Phase 2, and the monthly amylin analog MET-233i in Phase 1, which has already shown potential best-in-class results.

Metsera's Co-Founder and CEO, Whit Bernard, expressed excitement about joining forces with Pfizer, stating that the partnership will leverage Pfizer's global capabilities to bring their portfolio to a scale that can transform the lives of millions. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2025, subject to customary regulatory and shareholder approvals. Financial advisors for the deal include Citi for Pfizer and a group including Goldman Sachs & Co. LLC and Guggenheim Securities for Metsera.

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