Pfizer closes in on $7.3bn takeover of anti-obesity drugmaker Metsera
The deal would mark one of the pharmaceutical company’s biggest takeovers in years
Pfizer is closing in on a potential $7.3bn takeover of anti-obesity drug developer Metsera, which would mark the US pharmaceutical company’s first big deal in two years, in a push to give the drugmaker a foothold in the lucrative weight-loss drug market.
As part of the purchase, Pfizer will pay Metsera $47.50 in cash a share and a further $22.50 if certain performance milestones are met, valuing the company at up to $7.3bn, according to two people familiar with the matter. The deal represents a sizeable premium to Metsera’s Friday share price close of $33.32 in New York.
The acquisition could be announced as early as Monday, provided it does not hit any last-minute snags, the people added. The deal represents a bold attempt by the New York-based drugmaker to buy its way into the lucrative anti-obesity drug market after its own experimental weight-loss drug, known as danuglipron, flopped in clinical trials this year.
Pfizer and Metsera did not immediately respond to requests for comment.
Metsera, which went public this year in one of the biggest biotech listings of 2025, is one of a host of companies researching next-generation weight-loss treatments. Several large pharmaceutical groups showed interest for the biotech, two people familiar with the situation said.
The treatments could be an improvement on existing weekly anti-obesity injections, known as GLP-1s — Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy — which have side effects including muscle loss.
Under the leadership of its longtime chief executive Albert Bourla, Pfizer is seeking to boost the company’s share price.
Its shares are down more than half from their 2021 peak during the Covid-19 pandemic, when the company produced a blockbuster vaccine. The price closed at $24 on Friday, giving the drugmaker a market value of $136bn. In 2023, Pfizer paid $43bn for cancer-focused biotech Seagen, its most recent major deal.
Metsera’s lead drug MET-097i, which activates the GLP-1 receptor instead of blocking it like the current treatments, resulted in 11.3 per cent body mass reduction after 12 weeks in a phase-two trial with limited side effects. The company is also testing the drug as a long-acting, monthly injection, which could make it more convenient to use for patients.
The New York-based biotech is also researching medicine that harnesses amylin, another hormone, in early-stage trials, with further clinical data expected by the end of this year. Scientists believe amylin could be an effective appetite suppressant without causing the muscle loss associated with the current GLP-1 treatments. Metsera also has a weight loss pill in its pipeline.
In recent weeks, Eli Lilly and Novo Nordisk have released clinical data for next-generation pill versions of their obesity drugs.