Pfizer has agreed to acquire Metsera, a  New York-based clinical-stage bio/pharmaceutical company focused on obesity and cardiometabolic diseases, in deal worth up to $7.3 billion ($4.9 billion upfront plus a contingent value right for potential additional milestone payments of up to approximately $2.4 billion). 

The pending acquisition provides Pfizer with a portfolio of differentiated oral and injectable incretin, non-incretin, and combination therapy candidates.  

Metsera has a portfolio of therapeutic candidates and combinations with four programs in clinical development and several programs with investigational new drug-enabling studies ongoing. These include: MET-097i, a weekly and monthly injectable glucagon-like peptide-1 (GLP-1) receptor agonist (RA), both in Phase II development; MET-233i, a monthly amylin analog candidate being evaluated as a monotherapy and in combination with MET-097i in Phase I development; two oral GLP-1 RA candidates expected to begin clinical trials imminently (as reported on September 22, 2025); and additional preclinical nutrient-stimulated hormone therapeutics. 

Under the agreement, Pfizer will acquire all outstanding shares of Metsera common stock for $47.50 per share in cash at closing, representing an enterprise value of approximately $4.9 billion. Additionally, the agreement includes a non-transferable contingent value right entitling holders to potential additional payments of up to $22.50 per share in cash tied to three specific clinical and regulatory milestones, if achieved: $5 per share following the Phase III clinical trial start of Metsera’s MET-097i+MET-233i combination; $7 per share following US Food and Drug Administration (FDA) approval of Metsera’s monthly MET-097i monotherapy; and $10.50 per share following FDA approval of Metsera’s monthly MET-097i+MET-233i combination.  

The Boards of Directors of both Metsera and Pfizer have unanimously approved the transaction. The transaction is expected to close in the fourth quarter of 2025, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by Metsera’s shareholders.  

Source: Pfizer