Pfizer Acquires Metsera for $4.9 Billion

By Greg Peters • Monday, September 22 10:17 • Permanent Link

Pfizer Inc. has announced its acquisition of Metsera, Inc., a clinical-stage biopharmaceutical company specializing in the development of next-generation medicines for obesity and cardiometabolic diseases. The acquisition brings a portfolio of oral and injectable incretin, non-incretin, and combination therapy candidates, demonstrating potential best-in-class efficacy and safety profiles.

The transaction is valued at $47.50 per Metsera share in cash upon closing, with an initial enterprise value of $4.9 billion and a contingent value right (CVR) of up to $22.50 per share in additional payments tied to specific clinical and regulatory milestones. This represents a significant investment by Pfizer into the obesity therapeutic area, aligning with its strategic focus on impactful opportunities.

Metsera's portfolio includes four programs in clinical development and several next-generation programs with ind-enabling studies ongoing. Notably, the company presented initial phase 1 clinical results for Met-233i, a monthly amylin analog candidate, at the 61st annual meeting of the European Association for the Study of Diabetes (EASD) on September 17.

The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals. Pfizer plans to provide any updates to its financial outlook in conjunction with its upcoming quarterly earnings.

In response to the announcement, Pfizer's Chairman and CEO, Albert Bourla, expressed excitement about the potential of Metsera's portfolio to address the unmet needs associated with obesity and related diseases. Metsera's CEO, Whit Bernard, commented on the transformative potential of the portfolio and the opportunity to leverage Pfizer's global capabilities for improved human health at scale.

Pfizer's financial advisor for the transaction is Citi, with Wachtell, Lipton, Rosen & Katz serving as legal advisor. Metsera's financial advisors for the transaction are Goldman Sachs & Co. LLC, Guggenheim Securities, LLC, BofA Securities, Inc., and Allen & Company LLC, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal advisor.

This acquisition marks a significant investment by Pfizer in the obesity therapeutic area, with the potential to drive innovation and address unmet medical needs in a rapidly evolving weight loss treatment landscape. Today the company's shares have moved -7.19% to a price of $33.32. For the full picture, make sure to review Metsera's 8-K report.

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