Pfizer to Acquire Metsera for $4.9 B, Expanding Its Obesity & Cardiometabolic Pipeline

Pfizer Inc. (NYSE: PFE) announced today that it will acquire Metsera, Inc. (NASDAQ: MTSR), a clinical‑stage biopharma focused on next‑generation obesity and cardiometabolic therapies. The definitive agreement values Metsera at $47.50 per share in cash, equating to an enterprise value of roughly $4.9 billion. Both boards have unanimously approved the transaction, which is expected to close in Q4 2025.

Metsera’s Therapeutic Portfolio

• Incretin & Non‑Incretin Modulators – Metsera’s pipeline includes differentiated oral and injectable agents targeting GLP‑1 receptor agonism (RA), amylin analogs, and combination therapies that promise best‑in‑class efficacy and safety.
• Phase‑2 GLP‑1 RAs – MET‑097i (weekly and monthly injectable) and MET‑233i (monthly amylin analog) are in Phase 2 and Phase 1 trials, respectively, with early Phase 1 data for MET‑233i indicating a compelling safety and efficacy profile.
• Oral GLP‑1 RA Candidates – Two oral GLP‑1 RA molecules are poised to enter clinical testing imminently, further diversifying the company’s modality mix.
• Preclinical Nutrient‑Stimulated Hormones – Additional programs in preclinical development explore novel hormone‑based therapeutics that could address unmet cardiometabolic needs.

Deal Structure & Contingent Value Right

• Cash Purchase – Pfizer will pay $47.50 per share for all outstanding Metsera common stock.
• Contingent Value Right (CVR) – Metsera shareholders receive a non‑transferable CVR that may trigger up to $22.50 per share in additional cash, contingent on three milestones:

1. $5 per share upon initiation of Phase 3 for the MET‑097i + MET‑233i combination.
2. $7 per share upon FDA approval of monthly MET‑097i monotherapy.
3. $10.50 per share upon FDA approval of monthly MET‑097i + MET‑233i combination.

Strategic Implications

• Accelerated Obesity & Metabolic Expansion – The acquisition instantly augments Pfizer’s obesity portfolio, positioning it to compete more effectively against leading GLP‑1 and amylin products.
• Synergy Potential – Integration of Metsera’s oral modalities and combination strategies aligns with Pfizer’s focus on multi‑modality, best‑in‑class therapies.
• Risk‑Adjusted Upside – The CVR structure caps Pfizer’s upside while still rewarding Metsera shareholders if key regulatory milestones are achieved, balancing risk and reward for both parties.-Fineline Info & Tech