Pfizer is making its most aggressive move yet to capture a share of the booming obesity drug market, announcing Monday it will acquire biotech firm Metsera in a deal valued at up to $7.3 billion, including future milestone payments. The purchase gives Pfizer access to a pipeline of next-generation weight-loss therapies as competition in the space intensifies.
Under the agreement, Pfizer will pay $47.50 per share in cash, a roughly 43% premium to Metsera's last closing price, valuing the initial deal at $4.9 billion. Metsera shareholders could receive an additional $22.50 per share if clinical and regulatory targets are met, bringing the total transaction value to $70 per share. The deal is expected to close in the fourth quarter of 2025.
Shares of Metsera surged more than 60% to $53.80 following the announcement, while Pfizer stock gained about 2%. "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," Pfizer CEO Albert Bourla said in a statement.
Metsera's pipeline includes MET-097i, a GLP-1 injectable, and MET-233i, an amylin-mimicking drug being tested as both a monotherapy and in combination. Pfizer said early data for MET-233i shows a "potential best-in-class profile," with a once-monthly dosing schedule that could improve patient adherence. In a small study, MET-233i helped patients lose up to 8.4% of their body weight in just 36 days.
Pfizer Chief Scientific Officer Chris Boshoff said monthly dosing could offer significant advantages. "A well tolerated monthly dosing could have huge advantages, not just for maintenance but also for convenience and for compliance," he said.
The acquisition marks a strategic pivot after Pfizer scrapped its own obesity drug candidate, danuglipron, due to safety concerns, including potential drug-induced liver injury and elevated liver enzymes in earlier trials. Analysts say acquiring Metsera could allow Pfizer to bypass years of development risk.
Leerink Partners analyst David Risinger projected more than $5 billion in combined peak annual sales for Metsera's portfolio. JPMorgan analyst Chris Schott said in a note that the deal "should accelerate Pfizer's entry into the market" and position the company as a major competitor to Eli Lilly and Novo Nordisk, whose GLP-1 drugs Zepbound and Wegovy have transformed the weight-loss industry.
The global obesity drug market is expected to reach $100 billion to $150 billion by the early 2030s, driven by surging demand for GLP-1 and next-generation therapies.
