Pfizer Acquires Metsera in $10 Billion Deal, Re-Enters Obesity Drug Market

Pfizer Inc. has successfully acquired Metsera, Inc., a U.S.-based biotechnology firm specializing in obesity and diabetes treatments, for up to $10 billion. This strategic move marks Pfizer's re-entry into the rapidly expanding obesity drug market, positioning the company to compete with industry leaders such as Novo Nordisk and Eli Lilly.

The acquisition process began on September 22, 2025, when Pfizer announced its intention to purchase Metsera for $47.50 per share in cash, totaling approximately $4.9 billion, with additional contingent value rights (CVRs) of up to $22.50 per share based on specific clinical and regulatory milestones. This initial offer valued Metsera at around $7.3 billion.

On October 30, 2025, Novo Nordisk, a Danish pharmaceutical company renowned for its diabetes and obesity treatments, submitted an unsolicited proposal to acquire Metsera. The offer included $56.50 per share in cash, amounting to approximately $6.5 billion, along with CVRs up to $21.25 per share, contingent on achieving certain milestones. Metsera's board of directors declared this proposal superior to Pfizer's existing offer.

In response, Pfizer amended its merger agreement with Metsera on November 7, 2025, increasing its offer to $65.60 per share in cash and CVRs up to $20.65 per share, bringing the total potential value to $86.25 per share. Metsera's board unanimously recommended that shareholders approve this revised agreement, citing it as the best transaction in terms of value and certainty of closing.

Novo Nordisk subsequently increased its offer to $62.20 per share in cash and CVRs up to $24.00 per share. However, on November 8, 2025, Novo Nordisk announced it would not further increase its proposal, effectively withdrawing from the bidding process.

Metsera, founded in 2022, has developed a promising pipeline of obesity and diabetes treatments, including MET-097i, a once-monthly GLP-1 injection that has demonstrated up to 14.1% weight loss in clinical studies. This positions MET-097i as a strong competitor to existing treatments.

Pfizer's acquisition of Metsera aligns with its strategic focus on high-impact therapeutic areas. Albert Bourla, Chairman and CEO of Pfizer, stated, "Obesity is a large and growing space with over 200 health conditions associated with it. The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area."

The obesity drug market is projected to reach $150 billion annually by the end of the decade, driven by increasing global obesity rates and demand for effective treatments. Pfizer's acquisition of Metsera not only enhances its portfolio in obesity treatments but also positions the company to compete more effectively against established players like Novo Nordisk and Eli Lilly.

The acquisition process involved legal complexities. Pfizer filed a lawsuit against Metsera, its board of directors, and Novo Nordisk, alleging breach of contract, breach of fiduciary duty, and tortious interference in contract arising from Metsera’s breach of its obligations under the merger agreement between Pfizer and Metsera. Additionally, Pfizer received early clearance from the U.S. Federal Trade Commission for the Metsera acquisition, satisfying regulatory review requirements under the Hart-Scott-Rodino Antitrust Improvements Act.

This series of events underscores the competitive dynamics in the pharmaceutical industry, particularly in the rapidly expanding obesity treatment market. Pfizer's successful acquisition of Metsera not only enhances its portfolio in obesity treatments but also positions the company to compete more effectively against established players like Novo Nordisk and Eli Lilly. The deal reflects the high stakes and strategic maneuvers companies are willing to undertake to secure a foothold in this lucrative market.