Pfizer Acquires Metsera for $10 Billion to Enter Obesity Market

Pfizer completed the acquisition of clinical-stage obesity biotech company Metsera on November 13, 2025, for up to $10 billion. The deal included an initial payment of $65.60 per share, with an additional $20.65 per share available through contingent value right payments tied to clinical and regulatory milestones.

The purchase followed a bidding war with Novo Nordisk, which had made an unsolicited $9 billion offer in October. Pfizer responded by increasing its bid and filing antitrust lawsuits in the U.S. District Court for the District of Delaware, alleging that Novo Nordisk attempted to block the deal to maintain market dominance. Metsera's board reaffirmed its support for Pfizer after these legal challenges and scrutiny from the Federal Trade Commission.

Metsera now operates as a wholly owned subsidiary based in New York City. The company will focus on developing injectable and oral GLP-1 inhibitors for obesity, with expected drug launches scheduled between 2028 and 2029. CEO Albert Bourla stated the acquisition allows the company to define a high-growth therapeutic area as demand for COVID-19 products declines.