Pfizer to acquire Metsera for about $4.9B to expand obesity-treatment push
Cash deal accelerates Pfizer's strategy in a fast-growing obesity-drug market as competition tightens
Pfizer announced Monday that it will acquire Metsera Inc. for about $4.9 billion in cash, accelerating its push into obesity treatments.
Pfizer will pay $47.50 per Metsera share, a premium of more than 42% to Metsera's closing price on Friday. The agreement also provides for as much as $22.50 per share in additional consideration, depending on how Metsera's pipeline progresses. The boards of both New York–based companies have approved the deal, but Merck & Co. shareholders still need to OK it. The companies expect the acquisition to close in the fourth quarter, subject to regulatory approvals.
Metsera has no products on the market, but its pipeline includes four programs in clinical development and one in mid-stage testing. Pfizer says the deal will bring expertise and potential oral and injectable treatments.
Pfizer CEO Albert Bourla said there are more than 200 health conditions linked to obesity, describing the space as large and growing. Demand for obesity therapies has surged in recent years, driven by strong results from Novo Nordisk's Wegovy and Eli Lilly and Co.'s Zepbound. Lilly's Zepbound generated $5.7 billion in sales in the first half of the year.
Pfizer currently has no obesity medicines on the market but has some in development. Earlier this year, the company said it was ending development of a potential once-daily obesity pill before late-stage testing.
Pfizer stock rose 38 cents to $24.40 before markets opened Monday, while Metsera's stock advanced about 61%.
Regulators will scrutinize the deal as Pfizer expands its obesity-development footprint in a market where competition could influence pricing. Some observers warn that while obesity drugs have delivered impressive weight-loss results, their high monthly costs can be a barrier for patients, potentially pressuring prices as more competitors enter the field.
The companies expect the acquisition to close in the fourth quarter, pending regulatory approvals. If completed, the deal would mark one of Pfizer's larger recent healthcare bets and signal a strategic pivot toward high-demand therapies in obesity.
This deal underscores Pfizer's strategy to accelerate growth in obesity treatments amid rising demand and increasing competition, while regulators weigh implications for pricing, access and patient outcomes.