Pfizer weighs $7.3 billion bid for Metsera to enter booming obesity-drug market

Pfizer is weighing a takeover of Metsera, a New York-based obesity drug developer, in a deal valued at about $7.3 billion, according to the Financial Times. The proposal would offer $47.50 per Metsera share, with an additional $22.50 per share contingent on the achievement of performance milestones. An offer is expected imminently, though Pfizer and Metsera have not commented on the report. The proposed price would represent a premium of roughly 42.5% to Metsera's Friday close of $33.32, and would place the company's value at about $3.5 billion before any earn-out consideration.

Metsera enjoyed a blockbuster Nasdaq debut a few months ago, highlighting investor appetite for the weight-loss drug market, which is forecast to reach roughly $150 billion in annual sales by the early 2030s. Shares in Metsera have risen more than 25% since their late-January initial public offering, underscoring optimism about the sector’s growth potential.

Pfizer had been pursuing an experimental weight-loss pill, danuglipron, but abandoned the program in April after a mid-stage trial showed tolerability issues. The potential Metsera acquisition would come as rivals Eli Lilly and Novo Nordisk have intensified their efforts to lead the expanding market for GLP-1–based obesity therapies.

Metsera is developing both injectable and oral drugs to treat obesity, based on GLP-1 mechanisms and other biological targets. If confirmed, a Pfizer takeover would mark a strategic move into a space where large pharmaceutical companies are seeking to secure a foothold amid intense competition and strong growth forecasts.

The Financial Times report underscores the fast-moving nature of deal talks in the pharmaceutical sector, where suitors often interface with regulatory and strategic considerations before a formal bid materializes. Both Pfizer and Metsera have historically been tight-lipped about potential M&A activity, and commentators will be watching closely for any official confirmation or commentary from the companies.

Analysts have long noted that the obesity-drug market presents substantial revenue opportunities but also complex safety, pricing, and reimbursement dynamics. A potential Pfizer stake in Metsera could be seen as an effort to accelerate its access to next-generation obesity therapies and to broaden its metabolic portfolio beyond cardiovascular and oncology products. Any deal would likely attract regulatory scrutiny and require alignment on milestones, integration planning, and potential synergies as the parties weigh the strategic fit.

As the sector advances, investors will be attentive to how the balance of power shifts among leaders in obesity treatment, including established players and newer entrants leveraging GLP-1 pathways. The coming weeks should clarify whether the reported approach will unfold into a formal proposal or fade as bidders reassess valuations and milestones in this rapidly evolving market.