Pfizer has opted to buy, not build, its way into the lucrative obesity market. After facing painful internal setbacks, the pharma giant announced a deal to acquire clinical-stage biotech Metsera for up to $7.3 billion, a move that instantly gives Pfizer a pipeline of next-generation weight-loss candidates.
The acquisition, unveiled Monday, signals Pfizer’s serious commitment to competing in a market projected to reach $150 billion. It follows the collapse of the company’s own once-daily danuglipron program earlier this year due to safety concerns, leaving a glaring gap in its pipeline.
Pfizer’s acquisition of Metsera carries a total potential value of up to $7.3 billion, anchored by an upfront enterprise payment of $4.9 billion ($47.50/share, a 43% premium) and supplemented by contingent value rights (CVRs) worth up to $22.50 per share tied to clinical and regulatory milestones. These CVRs include $5.00/share upon initiation of a Phase 3 trial for the lead combination therapy (MET-097i + MET-233i), $7.00/share for FDA approval of the monthly monotherapy (MET-097i), and $10.50/share for FDA approval of the monthly combination therapy, reflecting Pfizer’s bet on next-generation obesity and cardiometabolic assets with high-value inflection points.
“For Pfizer, this deal appears logical given the company’s continued interest in the obesity landscape following the underperformance of its own assets,” wrote BMO Capital Markets analysts in a note ahead of the official announcement
Metsera’s value lies in its portfolio of “nutrient-stimulated hormone” therapies designed for greater convenience and tolerability. The key differentiator for several assets is the potential for monthly dosing, a significant improvement over the current weekly injections from market leaders Eli Lilly and Novo Nordisk
A Strategic Pivot After Internal Stumbles
This acquisition is a strategic pivot for Pfizer. The company’s previous attempt to develop an obesity pill, danuglipron, was scrapped in April 2025 after a trial patient experienced potential drug-induced liver injury. This followed the discontinuation of a twice-daily version in late 2023 due to side effects.
By acquiring Metsera, Pfizer is betting that a portfolio approach with differentiated dosing schedules can help it catch up. Pfizer’s Chief Scientific Officer, Chris Boshoff, emphasized the advantage of monthly dosing, stating, “A well tolerated monthly dosing could have huge advantages, not just for maintenance but also for convenience and for compliance”.
Analysts are optimistic about the potential. Leerink Partners analyst David Risinger has projected more than $5 billion in combined peak sales for Metsera’s pipeline
The Metsera buyout is Pfizer’s boldest move yet to become a credible player in the obesity drug arena. While the pipeline is still in early stages and yet to be “de-risked by a large data set,” as BMO analysts noted, the potential payoff is enormous. If Pfizer can successfully develop Metsera’s candidates, it could transform itself from an also-ran into a formidable competitor with a more convenient, monthly injectable and a complementary oral therapy.
The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals