Pfizer is set to acquire Metsera, a clinical-stage biopharmaceutical company focused on developing the next generation of medicines for obesity and cardiometabolic diseases.  

The companies have entered into a definitive agreement for the proposed acquisition, which will add four highly differentiated clinical-stage incretin and amylin programmes to Pfizer’s pipeline.

 “Obesity is a large and growing space with over 200 health conditions associated with it. 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,” said Albert Bourla, Chairman and Chief Executive Officer, Pfizer.

“We are excited to apply our deep cardiometabolic experience and manufacturing and commercial infrastructure to accelerate a portfolio that includes potential best-in-class injectables, with clinical data differentiated by efficacy, tolerability and durability supporting monthly dosing, with the aim to address the ongoing unmet needs associated with obesity and related diseases,” he added.  

Metsera has a portfolio of promising therapeutic candidates and combinations with four programmes in clinical development and several next-generation programmes with IND-enabling studies ongoing, aimed at addressing key unmet needs via fewer injections while achieving improved efficacy and tolerability.

This includes MET-097i, a weekly and monthly injectable GLP-1 receptor agonist (RA), both in Phase 2 development; MET-233i, a monthly amylin analog candidate being evaluated as monotherapy and in combination with MET-097i in Phase 1 development; two oral GLP-1 RA candidates expected to begin clinical trials imminently; and additional preclinical nutrient-stimulated hormone therapeutics.

Under the agreement, Pfizer will purchase all outstanding shares of Metsera common stock for USD 47.50 per share in cash at closing, valuing the deal at approximately USD 4.9 billion.

Additionally, the agreement includes a non-transferable contingent value right (CVR) entitling holders to potential additional payments of up to USD 22.50 per share in cash tied to three specific clinical and regulatory milestones: USD 5 per share following the Phase 3 clinical trial start of Metsera’s MET-097i+MET-233i combination, USD 7 per share following US Food and Drug Administration (FDA) approval of Metsera’s monthly MET-097i monotherapy, and USD 10.50 per share following FDA approval of Metsera’s monthly MET-097i+MET-233i combination, if achieved.

The transaction is anticipated to close in the fourth quarter of 2025, pending customary closing conditions, including regulatory clearances and approval by Metsera’s shareholders.

Whit Bernard, Co-Founder and Chief Executive Officer of Metsera, said, “Today’s announcement sets a path for our portfolio to potentially transform the lives of hundreds of millions of people and represents an excellent outcome for our shareholders. We look forward to joining forces with Pfizer to leverage their global clinical, regulatory, manufacturing and commercial capabilities to realize the promise of improved human health at scale.”