Pfizer Acquires Metsera for Up to $7.3 Billion to Enter Obesity Market

Pfizer announced Monday its acquisition of drug developer Metsera in a deal valued at up to $7.3 billion, including future payments, marking the pharmaceutical giant's strategic entry into the rapidly expanding obesity treatment market. The move positions Pfizer to compete in a market projected to reach $150 billion by the early 2030s, currently dominated by GLP-1 therapies from Novo Nordisk and Eli Lilly.

The acquisition centers on Metsera's portfolio of experimental obesity drugs, particularly MET-097i, a GLP-1 injectable, and MET-233i, which mimics the pancreatic hormone amylin. MET-233i is currently being evaluated both as a monthly monotherapy and in combination with MET-097i in early-stage trials. Pfizer highlighted that preliminary data for MET-233i has demonstrated a "potential best-in-class profile."

The monthly dosing schedule of Metsera's drugs could provide Pfizer with a significant competitive advantage in the obesity treatment landscape. Leerink Partners analyst David Risinger has projected combined peak sales exceeding $5 billion for Metsera's pipeline. Pfizer executives expressed confidence in the monthly dosing approach, noting that the drug remains in patients' systems long enough without worsening side effects between doses.

"A well tolerated monthly dosing could have huge advantages, not just for maintenance but also for convenience and for compliance," said Pfizer Chief Scientific Officer Chris Boshoff.

The acquisition follows Pfizer's recent setbacks with its own weight-loss pill danuglipron. The company discontinued development of a once-daily version in April after a trial patient experienced potential drug-induced liver injury, which resolved after stopping the medication. Previously, in late 2023, Pfizer had halted development of a twice-daily version due to various side effects.

Under the agreement terms, Pfizer will pay $47.50 per share in cash to Metsera, representing a 43% premium to the New York-based company's last closing price. Metsera is also eligible to receive an additional $22.50 per share contingent on achieving certain performance milestones. Following the announcement, Metsera's shares surged more than 60% to $53.8, while Pfizer shares rose approximately 2%.

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