Pfizer to acquire weight-loss start-up Metsera in $7.3bn deal
By Abigail Townsend
Date: Monday 22 Sep 2025
(Sharecast News) - Pfizer Inc has agreed to buy biotech Metsera in multi-billion dollar deal, the US drugs giant confirmed on Monday, giving it a foothold in the booming weight-loss sector and sending shares in the start-up soaring.
Under the terms of the deal, Pfizer will pay $47.40 per share in cash, giving Metsera an enterprise value of $4.9bn. It is a notable premium on Friday's closing price of $33.32.
However, Pfizer will also pay a further $22.50 per share dependent on certain milestones being met.
In total, the deal values Metsera - which was founded just three years ago - at $7.3bn.
As at 1230 BST, Pfizer was up 1% in pre-market trading while Metsera had soared 60%.
The deal will give Pfizer access to the booming weight-loss drug market, after its own treatment, danuglipron, proved unsuccessful in clinical trials.
In particular, it will add four highly differentiated, clinical stage incretin and amylin programmes to Pfizer's pipeline.
Albert Bourla, chief executive, said: "Obesity is a large and growing space, with over 200 health conditions associated with it.
"The proposed acquisition aligns with our focus on directing our investments to the most impactful opportunities, and propels Pfizer into this key therapeutic area."
The booming weight-loss drug industry is currently dominated by Novo Nordisk and Eli Lilly, owners respectively of GLP-1 therapies Ozempic and Mounjaro.
Both companies have seen sales and profits surge on the back of the vast global demand, and a host of rival biotech and pharmaceutical companies are now rushing to develop their own treatments.
The global obesity market is projected to be worth around $150bn by the early 2030s, according to Reuters.
Metsera, founded by investment firms ARCH Ventures and Population Health Partners, debuted on Nasdaq in January with a market value of around $1.8bn.
Whit Bernard, co-founder and chief executive, said: "Our team has invented and developed multiple injectable and oral candidate medicines, and a category-leading peptide engineering platform, which together promise class-leading performance in a major sector of population health.
"We look forward to joining forces with Pfizer."
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