Pfizer Agrees to Buy Metsera for Up to $7.3B

Pfizer agreed to buy obesity-focused biopharma Metsera for $47.50 per share in cash plus up to $22.50 per share in contingent milestone payments, valuing the deal at roughly $4.9 billion upfront and up to about $7.3 billion including milestones. The boards of both companies have approved the acquisition, which is expected to close in the fourth quarter of 2025, and Metsera shares jumped sharply in premarket trading. The deal brings Metsera’s pipeline of oral and injectable incretin, amylin and combination therapy candidates — including lead programs MET-097i and MET-233i — into Pfizer as the company re-enters the obesity and cardiometabolic market after discontinuing danuglipron. The contingent value rights are tied to three specific clinical and regulatory milestones for Metsera’s combination program, underscoring the early-stage nature of the assets. Analysts say the purchase could give Pfizer a faster route into a lucrative market dominated by Eli Lilly and Novo Nordisk but warn Metsera’s programs carry development and commercialization risks.