Pfizer makes a $4.9 billion bet on obesity drugs with Metsera buyout deal

By Tomi Kilgore

Acquisition of Metsera comes five months after Pfizer ditched development of one of its weight-loss drugs

Pfizer propels itself into the obesity-drug game with $4.9 billion deal to buy Metsera.

Shares of Metsera Inc. were rocketing into record territory in early Monday trading after the developer of obesity treatments announced an agreement to be acquired by Pfizer Inc. in a deal with an initial value of $4.9 billion.

The deal to buy Metsera (MTSR), which has multiple weight-loss drug candidates in development, including weekly and monthly injectable treatments and oral candidates, showed that Pfizer (PFE) is serious about becoming a big player in the obesity-drug game. Roughly five months ago, Pfizer discontinued the development of one of its own obesity treatments amid safety concerns.

"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," said Pfizer Chief Executive Albert Bourla.

Metsera's stock soared 59.2% in premarket trading, putting it on track to open at a record high. Pfizer shares rose 1.5%.

Shares of Eli Lilly and Co. (LLY), which makes the obesity drug Zepbound, slipped 0.9% ahead of Monday's open, while the stock of Novo Nordisk A/S (NVO), which makes the weight-loss drug Wegovy, dropped 2.2%.

Under terms of the deal, Pfizer will initially pay $47.50 for each Metsera share outstanding, which is a 42.6% premium to Friday's closing price of $33.32. That represents an enterprise value for Metsera of $4.9 billion.

Metsera shareholders can get up to $22.50 more for each Metsera share they own if three clinical and regulatory milestones are met.

That includes $5 per share if a Phase 3 trial of Metsera's injectable GLP-1 drug is started - it's expected to begin in late 2025. Shareholders will also get another $7 a share if the U.S. Food and Drug Administration approves Metsera's monthly GLP-1 injectable and another $10.50 a share following FDA approval of a combination drug.

The deal is expected to close in the fourth quarter of 2025.

Pfizer's stock has been reeling over the past few years as the demand for its blockbuster COVID vaccines has been declining. Earlier this month, the shares took a hit after the Washington Post reported that the Trump administration's health officials would link the vaccines to some child deaths.

Pfizer's stock has dropped 18.3% over the past 12 months through Friday, while Eli Lilly shares have lost 18.4% and Novo Nordisk shares have tumbled 51.9%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-22-25 0814ET