Pfizer to Acquire Metsera to Expand Obesity Portfolio

Pfizer has entered into a definitive agreement to acquire Metsera, a clinical-stage biopharmaceutical company focused on obesity and cardiometabolic diseases, for about US$4.9 billion. The Boards of Directors of both companies unanimously approved the transaction, which is expected to close in the 4Q25, pending regulatory and shareholder approval.

“By applying Pfizer's deep cardiometabolic experience, manufacturing capabilities, and clinical expertise to the advancement of Metsera’s portfolio, we aim to reshape the treatment landscape with more effective, better-tolerated, and convenient medicines,” says Pfizer. 

Under the terms of the agreement, Pfizer will purchase all outstanding shares of Metsera common stock for US$47.50 per share in cash. The deal also includes a contingent value right of up to US$22.50 per share tied to specific clinical and regulatory milestones. These include the initiation of a Phase 3 trial for Metsera’s MET-097i and MET-233i combination therapy and potential approvals by the US Food and Drug Administration (FDA) for both the monotherapy and combination programs.

The acquisition provides Pfizer with Metsera’s pipeline of therapeutic candidates, which includes oral and injectable incretin and non-incretin treatments. Metsera has four programs in clinical development and additional candidates in preclinical and investigational new drug (IND)-enabling stages. These include MET-097i, a GLP-1 receptor agonist in Phase 2, and MET-233i, an amylin analog in Phase 1 development. Early clinical data presented at the European Association for the Study of Diabetes meeting in September highlighted MET-233i’s potential profile as a next-generation therapy.

“Obesity is a large and growing space with over 200 health conditions associated with it,” says Albert Bourla, Chairman and Chief Executive Officer.  “We are excited to apply our cardiometabolic experience and commercial infrastructure to accelerate a portfolio that includes potential best-in-class injectables.”

Although GLP-1 medications have expanded treatment options, a significant unmet need remains for patients with obesity and its many associated conditions. Obesity contributes to chronic diseases, reduced life expectancy, and rising healthcare costs, reports Pfizer. Over 1 billion people in the world are now living with obesity and, according to the 2022 National Health and Nutrition Survey, over 70% of Mexican adults and over 35% of children and adolescents are overweight or obese.

Founded in 2022, Metsera has focused on advancing nutrient-stimulated hormone therapeutics with the goal of reducing the health and economic impacts of obesity. Whit Bernard,Co-Founder and Chief Executive Officer, Metsera, says that the agreement represents an opportunity to scale its portfolio globally through Pfizer’s clinical and commercial capabilities.

“Metsera’s innovative injectable and oral peptide portfolio brings differentiated science and a scalable platform that has the potential to transform the obesity treatment landscape,” says Chris Boshoff, Chief Scientific Officer and President of R&D, Pfizer.