Pfizer Makes $4.9B Bid for Metsera, Renewing Obesity Drug Ambitions

Pfizer has announced a $4.9 billion acquisition of Metsera, a move that signals the pharmaceutical giant's renewed commitment to the burgeoning obesity drug market. The deal, which could potentially reach $7.3 billion with additional milestone payments, comes after a series of setbacks in Pfizer's internal obesity drug development efforts.

Acquisition Details and Strategic Implications

Pfizer will pay $47.50 per share for Metsera, more than double the biotech's initial public offering price of $18 in January. The deal includes a contingent value right (CVR) of up to $22.50 per share, tied to clinical and regulatory milestones for Metsera's lead candidates.

The acquisition gives Pfizer access to Metsera's portfolio of incretin and amylin therapies, including the long-acting GLP-1 receptor agonist MET-097i and the long-acting amylin analog MET-233i. Both compounds are being developed individually and in combination for obesity treatment.

Andrew Baum, Pfizer's strategy and innovation chief, stated that the acquisition provides a "path to leadership" in the obesity field, a market projected to reach $100 billion in annual sales by 2030.

Metsera's Pipeline and Clinical Progress

Metsera's lead candidate, MET-097i, is a monthly injectable GLP-1 receptor agonist currently in Phase 2b trials. Early clinical data have shown promising results, with a Phase I study reporting a 7.5% drop in body weight at 36 weeks, followed by Phase IIa findings demonstrating 11.3% weight loss after 12 weekly doses.

The company's amylin analog, MET-233i, has also shown potential, with an average weight reduction of 8.4% versus placebo at 36 days in early studies. Metsera is exploring the combination of MET-097i and MET-233i, which could offer a dual mechanism of action and potentially greater efficacy than existing treatments.

Additionally, Metsera has two oral GLP-1 therapies poised to enter clinical trials, as well as a preclinical nutrient-stimulated hormone therapeutic in its pipeline.

Pfizer's Obesity Drug Setbacks and Market Landscape

The acquisition comes after Pfizer faced significant challenges in its internal obesity drug development programs. Over the past two years, the company has discontinued three GLP-1 assets due to safety concerns and efficacy issues:

1. Lotiglipron: Axed in June 2023 due to elevated liver enzyme levels in patients.
2. Danuglipron: Abandoned in April 2025 following liver safety concerns and tolerability issues.
3. PF-06954522: Discontinued in August 2025 after a review of Phase 1 data.

These setbacks left Pfizer without a competitive offering in the rapidly growing obesity drug market, currently dominated by Novo Nordisk's Wegovy and Eli Lilly's Zepbound. Both drugs have recorded sales of nearly $6 billion each in the first half of 2025.

Chris Boshoff, Pfizer's chief scientific officer, expressed optimism about the acquisition, stating, "We anticipate the Metsera portfolio has the potential to be a key growth driver for Pfizer in the late 2020s and beyond."