Deal signals major move into booming weight loss market
Pfizer announced Monday that it will acquire obesity drugmaker Metsera in a deal worth up to $7.3 billion, marking a significant move to secure a foothold in the rapidly growing weight loss drug sector. The company will initially pay $47.50 per share in cash, a 43% premium to Metsera’s Friday closing price of $33.32, giving the deal an enterprise value of $4.9 billion.
The agreement includes an additional contingent value right worth up to $22.50 per share, tied to clinical and regulatory milestones. If fully realized, this would bring the total price to $70 per share. The deal is expected to close by the end of 2025. Following the announcement, Metsera shares surged over 60% in premarket trading, while Pfizer rose more than 1%.
Pfizer aims for comeback after obesity drug setbacks
The acquisition follows a series of failed attempts by Pfizer to develop its own weight loss treatments. In April, the company abandoned danuglipron due to safety concerns. Another once-daily obesity pill was also shelved in June 2023 after reports of elevated liver enzymes in trial participants. Despite these setbacks, Pfizer has continued to develop early-stage obesity drugs and has faced growing investor pressure to reenter the space more aggressively.
Analysts predict that the obesity drug market could reach a value of $100 billion by the 2030s, currently dominated by Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy. Pfizer’s acquisition of Metsera is a strategic move to challenge these established players.
Metsera adds innovative pipeline to Pfizer’s portfolio
Founded in 2022, Metsera has quickly built a diverse pipeline of oral and injectable treatments through licensing and acquisitions. The company’s lead candidate, MET-233i, is a GLP-1 injectable that demonstrated up to 8.4% weight loss in 36 days during a small early-stage trial. It is being developed as a once-monthly alternative to current weekly injections.
Metsera is also advancing a monthly amylin-targeting drug and two oral GLP-1 candidates expected to enter trials soon. According to Pfizer CEO Albert Bourla, the acquisition “aligns with our focus on the most impactful opportunities” and leverages Pfizer’s cardiometabolic expertise and commercial infrastructure.
Analysts bullish on Metsera’s commercial potential
Investment firms responded positively to the news. Leerink Partners analyst David Risinger estimated Metsera’s drug candidates could generate over $5 billion in peak annual sales. JPMorgan’s Chris Schott added that the acquisition should “accelerate” Pfizer’s competitiveness in the obesity space.
Metsera went public earlier this year in one of 2025’s largest biotech IPOs. The company joins a wave of firms racing to deliver next-generation obesity therapies and stands out with its potential once-monthly dosing strategy.
