Metsera Inc. shareholders voted to approve Pfizer Inc.’s $10 billion takeover offer, giving the pharmaceutical giant a $65.60 cash per share payment plus up to $20.65 in contingent value rights (CVRs) tied to future clinical and regulatory milestones. The deal values Metsera at a maximum of $86.25 per share, a premium that reflects the company’s next‑generation GLP‑1 and amylin analog pipeline.
The approval follows a competitive bidding war in which Novo Nordisk had previously presented a higher offer. Pfizer’s proposal was ultimately favored because it offered a clearer path to regulatory approval and avoided the antitrust concerns that had complicated Novo Nordisk’s bid, according to the FTC’s review. The CVRs will pay out if Metsera’s lead candidates, MET‑097i and MET‑233i, achieve specified milestones such as Phase III efficacy endpoints and FDA approval by 2028.
For Pfizer, the acquisition expands its obesity portfolio at a time when the global market is projected to reach $150 billion annually by the end of the decade. The monthly injectable and potential oral candidates give Pfizer a competitive edge over existing weekly therapies from Novo Nordisk and Eli Lilly, and the combination therapy platform could address unmet patient adherence needs. The deal also diversifies Pfizer’s revenue base beyond its COVID‑19 and oncology products.
Metsera benefits from a substantial liquidity infusion and access to Pfizer’s manufacturing, regulatory, and commercial infrastructure. The partnership is expected to accelerate the clinical development of its pipeline, potentially bringing its therapies to market faster and reducing the company’s cash burn rate. The board’s decision reflects confidence that Pfizer’s resources will help navigate the complex regulatory landscape and bring the drugs to patients more efficiently.
Investors reacted positively to the announcement, with analysts noting the strategic fit and the premium paid for a pipeline that offers monthly dosing and combination therapy potential. The deal is seen as a significant step for Pfizer to challenge the leaders in the obesity market and for Metsera to secure the capital and expertise needed to advance its candidates.
"This strategic milestone represents more than a transaction—it’s a deliberate investment in the future of medicine," said Pfizer CEO Albert Bourla. "By acquiring Metsera, we are directing our resources toward one of the most impactful and high‑growth therapeutic areas and positioning ourselves to define it." Whit Bernard, Metsera co‑founder and CEO, added, "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."
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