Pfizer is pursuing a stake in the high-value global obesity market as it announces plans to acquire weight loss drug developer Metsera for $4.9bn. The deal includes cash milestone payments that could reach up to $7.3bn, which would make it the biggest aquisition in the space this year.
The transaction, unanimously approved by both companies’ boards, puts Pfizer back into contention alongside industry leaders Eli Lilly and Novo Nordisk after recent setbacks left its future in the market uncertain.
“Obesity is a large and growing space with over 200 health conditions associated with it,” said Albert Bourla, Chairman and CEO, Pfizer, in a press release. “The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area.”
Metsera brings four clinical-stage therapies to the table, including combination and next-generation oral and injectable agents, aimed at improving efficacy and reducing the number of injections required for patients.
“Today’s announcement sets a path for our portfolio to potentially transform the lives of hundreds of millions of people and represents an excellent outcome for our shareholders,” said Whit Bernard, CEO, Metsera. “We look forward to joining forces with Pfizer to leverage their global clinical, regulatory, manufacturing and commercial capabilities to realize the promise of improved human health at scale.”
Shares of Metsera soared following the announcement, while Pfizer emphasised its commitment to building a leading obesity and cardiometabolic pipeline. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory and shareholder approval.
