Pfizer Inc. and Metsera, Inc. announced that they have entered into a definitive agreement under which Pfizer will acquire Metsera, a clinical-stage biopharmaceutical company focused on developing innovative therapies for obesity and cardiometabolic diseases. The acquisition combines Pfizer’s global capabilities with Metsera’s expertise in oral and injectable incretin, non-incretin, and combination therapies designed to deliver potential best-in-class efficacy and safety. The Boards of Directors of both companies have unanimously approved the transaction.
“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.”
Metsera’s pipeline includes four clinical-stage programs and several next-generation candidates in IND-enabling studies, all designed to improve efficacy while reducing injection frequency. Key programs include MET-097i, a weekly and monthly injectable GLP-1 receptor agonist in Phase 2 development; MET-233i, a monthly amylin analog under Phase 1 evaluation both as monotherapy and in combination with MET-097i; two oral GLP-1 RA candidates set to enter clinical trials imminently; and additional preclinical nutrient-stimulated hormone therapeutics. Early Phase 1 data for MET-233i, highlighting a potential best-in-class profile, were presented as a late-breaking study at the 61st Annual Meeting of the EASD on September 17.
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Under the agreement, Pfizer will acquire all outstanding shares of Metsera common stock for $47.50 per share in cash at closing, valuing the transaction at approximately $4.9 billion. The deal also includes a non-transferable contingent value right (CVR), offering shareholders potential additional cash payments of up to $22.50 per share tied to three key clinical and regulatory milestones: $5 per share upon Phase 3 initiation of the MET-097i+MET-233i combination trial, $7 per share upon FDA approval of monthly MET-097i monotherapy, and $10.50 per share upon FDA approval of the MET-097i+MET-233i combination. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and shareholder consent. Pfizer will update its financial outlook alongside its next quarterly earnings report.
“Since our founding in 2022, Metsera has worked tirelessly to reduce the physical, emotional, and economic burdens of obesity with a portfolio of next generation nutrient-stimulated hormone therapeutic candidates. Our team has invented and developed multiple injectable and oral candidate medicines and a category-leading peptide engineering platform, which together promise class-leading performance in a major sector of population health,” said Whit Bernard, Co-Founder and Chief Executive Officer of Metsera. “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.”