Pfizer Takes Full Ownership of Metsera in $7B Deal

The purchase adds multiple differentiated candidates to Pfizer’s Internal Medicine portfolio as the company aims to strengthen its position in one of the fastest-growing therapeutic markets.

Pfizer has completed its acquisition of Metsera, a clinical-stage biopharmaceutical company developing obesity and cardiometabolic therapies, in a deal valued at approximately $7 billion.

The purchase adds multiple differentiated candidates to Pfizer’s Internal Medicine portfolio as the company aims to strengthen its position in one of the fastest-growing therapeutic markets.

Under the terms of the transaction, Pfizer acquired all outstanding shares of Metsera at $65.60 per share in cash, with an additional contingent value right (CVR) of up to $20.65 per share tied to three clinical and regulatory milestones. Following the closing, Metsera becomes a wholly owned subsidiary of Pfizer, and its stock will be delisted from the NASDAQ Global Select Market at market close today.

The acquisition brings several advanced obesity candidates into Pfizer’s pipeline, including MET-097i, a weekly and monthly injectable GLP-1 receptor agonist set to enter Phase 3 trials. The portfolio also includes MET-233i, a monthly amylin analog in Phase 1 studies being evaluated as both monotherapy and in combination with MET-097i. Metsera additionally contributes an oral GLP-1 receptor agonist in early clinical development, along with multiple preclinical hormone-based programs.

Pfizer said the added assets align with its internal research strategy and expand its presence in the high-demand obesity therapeutics segment, an area undergoing rapid scientific and commercial growth. The company noted that it plans to integrate Metsera’s programs into its global development, manufacturing and commercialization network.

The company previously disclosed that the acquisition is expected to be dilutive through 2030, largely due to increased investment in late-stage programs. Pfizer will update its financial outlook when issuing 2026 guidance later this year.

Citi acted as Pfizer’s financial advisor, while Wachtell, Lipton, Rosen & Katz served as legal counsel for the transaction.

The announcement includes forward-looking statements concerning pipeline developments, regulatory timelines, and potential financial impact. Pfizer cited various risks, including uncertainties in clinical data, integration efforts, regulatory outcomes, and broader market conditions. Additional details on these risks are outlined in the company’s filings with the U.S. Securities and Exchange Commission.

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