Pfizer has agreed to acquire Metsera, Inc., a developer of next-generation obesity treatments, in a $10 billion transaction. The amended merger agreement values Metsera at up to $86.25 per share, comprising $65.60 in cash and a contingent value right (CVR) offering up to $20.65 per share. The deal follows a competitive bidding process with Novo Nordisk, whose offer was withdrawn due to potential U.S. antitrust risks flagged by the Federal Trade Commission.

The acquisition provides Pfizer with a strategic entry into the fast-growing weight-loss drug market. Metsera’s pipeline includes two primary candidates: MET-097i, a monthly GLP-1 injectable in Phase IIb development, and MET-233i, a monthly amylin-mimicking therapy in Phase I trials. These therapies target the rising demand for innovative, long-acting obesity treatments and represent a significant commercial opportunity.

Metsera’s Board of Directors stated that Pfizer’s revised offer represents the best outcome for shareholders, providing financial certainty and lower regulatory risk than the previous Novo Nordisk proposal. A special stockholder meeting is scheduled for November 13, with the transaction expected to close promptly following approval. The Board has unanimously recommended that shareholders vote to adopt the amended merger agreement.

The deal positions Pfizer among leading companies competing in the obesity therapy sector, a market projected to expand substantially in the coming years. Analysts note that the acquisition strengthens Pfizer’s long-term pipeline strategy while diversifying its portfolio into high-demand metabolic therapies.

The acquisition gives Pfizer access to Metsera’s proprietary research and expertise in injectable treatments, enabling accelerated development and potential global rollout of new obesity therapies.

Learn more about Pfizer’s entry into obesity therapy and the implications for the global market in the full article.