Pfizer Acquisition of Metsera Accelerates Race for Next-Gen Obesity Drug, Bolstered by MET-097i Success
- Oct 11
- 2 min read
In a decisive move to seize a commanding position in the rapidly expanding weight loss landscape, Pfizer Inc. has announced a definitive agreement to acquire Metsera, Inc.. This major transaction, valued at up to $7.3 billion including future payments, reflects Pfizer’s renewed focus on the fast-growing obesity market.
The proposed acquisition, unanimously approved by both Boards of Directors, is structured around an initial enterprise value of approximately $4.9 billion based on $47.50 per share in cash at closing. Crucially, the deal includes a non-transferable contingent value right (CVR) that could provide Metsera shareholders with up to an additional $22.50 per share, contingent on three specific clinical and regulatory milestones. The highest payment of $10.50 per share would follow the FDA approval of Metsera’s monthly combination therapy, MET-097i + MET-233i. The transaction is anticipated to close in the fourth quarter of 2025.
At the heart of this massive investment is Metsera’s next-generation obesity drug portfolio. The key asset driving the valuation is MET-097i, a GLP-1 receptor agonist (RA) being developed as both a weekly and monthly injectable. Recent positive Phase 2 trial results for MET-097i showed patients losing an average of 14% of their body weight. Furthermore, the drug demonstrated a tolerability profile superior to existing GLP-1 therapies. This favorable profile suggests the drug could potentially surpass existing competitors, such as Eli Lilly’s Zepbound, supporting its continued development into Phase 3 trials.
Pfizer’s CEO, Albert Bourla, highlighted that the acquisition aligns with the company’s focus on impactful opportunities, propelling them into this key therapeutic area. He noted that obesity is a large and growing space associated with over 200 health conditions. Metsera, founded in 2022, brings not only MET-097i but also a diverse portfolio of differentiated oral and injectable incretin, non-incretin, and combination therapy candidates.
Metsera's pipeline currently includes four programs in clinical development. Besides MET-097i, this includes MET-233i, a monthly amylin analog candidate in Phase 1 development, intended for use both as a monotherapy and in combination with MET-097i. The company is also advancing two oral GLP-1 RA candidates expected to begin clinical trials imminently.
Whit Bernard, Co-Founder and CEO of Metsera, stated that joining Pfizer will leverage Pfizer’s global clinical, regulatory, manufacturing, and commercial capabilities to realize the promise of improved human health at scale. This acquisition aims to address the significant ongoing unmet needs associated with obesity and related diseases by advancing a portfolio differentiated by efficacy, tolerability, and durability, potentially supporting monthly dosing.
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