What You Should Know:
– Pfizer Inc. and Metsera, Inc. have entered into a definitive agreement under which Pfizer will acquire Metsera, a clinical-stage biopharmaceutical company focused on developing medicines for obesity and cardiometabolic diseases for $4.9B.
– The acquisition is a strategic move for Pfizer, allowing it to enter a significant and growing therapeutic area. The Boards of Directors of both companies have unanimously approved the transaction.
Financial Terms of Acquisition
Under the terms of the agreement, Pfizer will acquire all outstanding shares of Metsera common stock for $47.50 per share in cash at closing, representing an enterprise value of approximately $4.9B. Additionally, the agreement includes a non-transferable contingent value right (CVR) that could provide Metsera shareholders with up to an additional $22.50 per share in cash. This CVR is tied to three specific clinical and regulatory milestones, including the Phase 3 clinical trial start of a combination therapy and FDA approvals for two other candidates. The transaction is expected to close in the fourth quarter of 2025, pending customary closing conditions, including regulatory and Metsera shareholder approvals
Portfolio of Promising Therapeutic Candidates
The acquisition will give Pfizer a portfolio of differentiated therapeutic candidates, including oral and injectable incretin, non-incretin, and combination therapies. Metsera’s pipeline includes four programs in clinical development and several next-generation programs in preclinical stages. Among these are MET-097i, a weekly and monthly injectable GLP-1 receptor agonist (RA) in Phase 2 development, and MET-233i, a monthly amylin analog candidate in Phase 1 development. There are also two oral GLP-1 RA candidates that are expected to begin clinical trials imminently.
“Since our founding in 2022, Metsera has worked tirelessly to reduce the physical, emotional, and economic burdens of obesity with a portfolio of next generation nutrient-stimulated hormone therapeutic candidates. 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,” said Whit Bernard, Co-Founder and Chief Executive Officer of Metsera. “Today’s announcement sets a path for our portfolio to potentially transform the lives of hundreds of millions of people and represents an excellent outcome for our shareholders. We look forward to joining forces with Pfizer to leverage their global clinical, regulatory, manufacturing and commercial capabilities to realize the promise of improved human health at scale.”
