Pfizer to buy Metsera as obesity‑drug race intensifies; Roche advances CT-388

Pfizer has agreed to acquire weight‑loss drug developer Metsera in a deal valued at up to £5.4 billion, the latest sign that major pharmaceutical companies are racing to secure positions in the fast‑growing anti‑obesity market. Under the terms disclosed Tuesday, Pfizer will pay $47.50 per Metsera share, with an additional $22.50 per share payable if specified milestones are reached.

Metsera, a New York‑based biotech that had been pursuing a weight‑loss pill but scrapped that program in April, went public on the Nasdaq earlier this year. Its stock has rallied since listing at $18, rising more than 100% by the time the deal was announced, with a jump of about 62% on the day Metsera debuted on public markets. The acquisition would value the company at a substantial premium to its trading price and underscores the willingness of large drugmakers to snap up early bets in obesity therapies.

Pfizer’s move follows the company’s decision earlier this year to shelve its own obesity pill project, focusing instead on expanding its pipeline through acquisitions and partnerships. The Metsera deal is designed to give Pfizer access to a weight‑loss program and potential follow‑on therapies, leveraging Metsera’s platform and research capabilities as obesity medicines grow from niche products to broader chronic‑disease treatments.

The deal comes as the broader obesity drug market consolidates and expands. Analysts have forecast the anti‑obesity market could reach roughly £75 billion a year by 2030, a surge led by Eli Lilly’s Mounjaro and Novo Nordisk’s Ozempic and Wegovy, which have captured a large portion of patient access and payer interest. The size and persistence of demand have drawn a wave of entrants, with Roche now pushing one of its obesity candidates, CT‑388, into a late‑stage trial as part of the company’s broader growth strategy in specialty medicines.

Roche announced that CT‑388 is moving into late‑stage development, highlighting how major pharmaceutical groups are willing to invest aggressively in obesity treatments even as competition intensifies. CT‑388 remains one of Roche’s newer obesity programs, and the company has indicated it sees obesity therapies as a strategic pillar alongside its cardiovascular and oncology franchises.

Pfizer’s shares edged higher after the announcement, up about 0.5%, while Roche stock gained around 2.3% in trading. Market participants have been watching the obesity space closely, given the rapid pace of clinical advancement, regulatory scrutiny, and payer dynamics that affect how quickly patients can access these therapies.

The Metsera deal signals a broader pivot by big pharma toward obesity and metabolic medicines, a field that has moved from experimental biology to a mainstream treatment paradigm over the past few years. Industry observers note that the sector remains dominated by a small group of players, but the ongoing inflow of capital and cross‑border partnerships suggests the competitive landscape will continue to evolve. As the 2030 market forecast grows, so too does the potential for more strategic combinations, acquisitions, and licensing agreements that could reshape who leads in obesity care over the next decade.