Pfizer announced the $4.9 billion acquisition of Metsera, a clinical-stage biopharmaceutical company specializing in treatments for obesity and cardiometabolic diseases, on September 22nd. The deal values Metsara at $47.50 per share, with additional payments of up to $22.50 per share contingent on completion of various clinical and regulatory milestones. The transaction is expected to close in Q4 2025.
Metsara’s portfolio includes four programs currently in clinical development. Its lead candidate is MET-097i, a GLP-1 receptor agonist with weekly and monthly injectable formulations both in Phase II development. MET-233i, a monthly amylin analog candidate, is in Phase I development as both a monotherapy and in combination with MET-097i. Two additional oral GLP-1 receptor agonist candidates are expected to begin clinical trials shortly, and various additional nutrient-stimulated hormone therapeutics are in preclinical development.
“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 CEO, Pfizer, in a company press release.
“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,” said Whit Bernard, Co-Founder and CEO, Metsera, in the press release. “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.”
The Metsara deal is Pfizer’s first acquisition since the $43 billion acquisition of Seagen in March 2023. Additionally, since the completion of that acquisition, Pfizer has announced just one licensing agreement. That exclusive licensing agreement was struck with 3SBio in May 2025 concerning a potential oncology treatment and is worth upwards of $6 billion, as well as tiered double-digit royalties on sales of the molecule of interest.
Source: Pfizer (01), Pfizer (02)
