Pfizer to Acquire Metsera in $4.9 Billion Obesity Drug Deal

• Pfizer will acquire Metsera in a $4.9 billion deal, with additional contingent payments of up to $22.50 per share linked to clinical and regulatory milestones.

• The acquisition adds Metsera’s pipeline of oral and injectable obesity and cardiometabolic drug candidates, including four programmes in clinical development.

Pfizer Inc. has entered into a definitive agreement to acquire Metsera Inc., a clinical-stage biopharmaceutical company focused on obesity and cardiometabolic diseases, for approximately $4.9 billion. The deal, unanimously approved by the Boards of Directors of both companies, includes a non-transferable contingent value right (CVR) offering potential payments of up to $22.50 per share.

The transaction, expected to close in the fourth quarter of 2025, will give Pfizer access to Metsera’s portfolio of differentiated oral and injectable incretin, non-incretin and combination therapy candidates. These include four clinical-stage programmes, among them MET-097i, a weekly and monthly GLP-1 receptor agonist in Phase 2, and MET-233i, a monthly amylin analogue in Phase 1 trials.

“The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area.”

Albert Bourla, Chairman and Chief Executive Officer

Metsera’s pipeline also features two oral GLP-1 receptor agonists due to enter clinical trials, as well as additional preclinical nutrient-stimulated hormone therapeutics. Initial Phase 1 data for MET-233i were presented earlier this month at the European Association for the Study of Diabetes.

Completion of the acquisition remains subject to customary closing conditions, including regulatory approvals and shareholder consent. Pfizer confirmed that any updates to its financial outlook will be provided alongside its upcoming quarterly earnings.