Pfizer has finalized a $10 billion acquisition of Metsera, structuring the deal at $86.25 per share. The payment consists of $65.60 in cash and a contingent value right that could add up to $20.65 per share if Metsera’s obesity candidates hit commercial milestones. The transaction is expected to close after the November 13 shareholder vote, subject to regulatory approval.
The purchase gives Pfizer immediate access to a portfolio of GLP‑1 and amylin‑targeting drugs that could generate up to $5 billion in peak annual sales. Metsera’s once‑monthly GLP‑1 candidate, MET‑097i, and its amylin analog, MET‑233i, offer dosing advantages over the weekly injectables that dominate the market, positioning Pfizer to capture a share of the projected $200 billion obesity drug market by 2031. The deal also diversifies Pfizer’s revenue base ahead of the expiration of key patents in its core oncology and vaccine businesses.
Metsera’s board reaffirmed its support for the amended terms, citing the lower regulatory risk compared to Novo Nordisk’s earlier bid. The Federal Trade Commission had raised antitrust concerns over Novo Nordisk’s structure, and Pfizer’s offer was viewed as more compliant, reducing the likelihood of costly legal challenges. The contingent value right provides upside for Pfizer if Metsera’s candidates achieve commercial milestones, aligning incentives and mitigating the risk of overpaying for unproven assets.
Pfizer CEO Albert Bourla said the company was “confident that the acquisition will accelerate our obesity strategy and strengthen our portfolio against competitive pressures.” Analysts noted that while the $10 billion price tag is high, it reflects optimistic assumptions about the speed of regulatory approval and market uptake. The valuation also incorporates the potential upside from the CVR, which could add significant value if the drugs reach commercial milestones.
The transaction is expected to enhance Pfizer’s growth trajectory by adding high‑margin obesity assets that can be integrated into its existing commercial platform. The deal also signals Pfizer’s willingness to invest heavily in high‑growth therapeutic areas, even as it faces increasing regulatory scrutiny in the pharmaceutical M&A space. Investors view the acquisition as a strategic bet on the long‑term expansion of the obesity market, with the potential to offset declining revenues in other segments.
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