Pfizer is making a major move into the obesity treatment market by acquiring development-stage drugmaker Metsera for nearly $5 billion, with an offer of $47.50 per share plus potential additional payments based on pipeline progress.

Metsera, founded in 2022 and having gone public earlier this year, has no products on the market but is advancing four programs in clinical development, including a mid-stage trial for its lead candidate, MET-097i, which has shown an average weight loss of 11.3% in studies.

The acquisition includes a contingent value right (CVR) worth up to $22.50 per share, which could increase the total deal value to $70 per share depending on clinical and regulatory milestones.

This deal is part of Pfizer's broader strategy to focus on impactful therapeutic areas and recover from a decline in stock value since the COVID-19 vaccine breakthrough, with its stock falling from $58 in 2021 to $24 in 2025.

The announcement of the deal could be made as early as September 22, 2025, pending last-minute negotiations, and it will be reflected in IBT's NAV report on September 23, 2025.

Metsera's shares have increased 25% since trading began in January, reflecting investor confidence, especially after its Nasdaq debut earlier this year.

The move aligns with Pfizer's interest in obesity-related therapies, a sector experiencing rising demand due to the success of injectable drugs and upcoming patent expirations for competitors like Novo Nordisk.

This acquisition marks one of Pfizer's largest deals in recent years, following its $43 billion purchase of Seagen in 2023, and aims to bolster its pipeline amid challenges in its vaccine market.

The deal's strategic significance is underscored by the growing global interest in obesity treatments, with India preparing to produce generic versions of drugs like Novo Nordisk's Ozempic as patent expirations approach.

IBT's valuation of its holding in Metsera, representing 1.1% of its NAV as of September 19, 2025, will be updated in its NAV report and daily updates.

The acquisition reflects Pfizer's confidence in Metsera's potential to develop successful weight-loss therapies, especially as the sector faces technological advancements and increased competition.

This strategic move also aims to address Pfizer's recent challenges in its vaccine segment, despite positive efficacy data, amid reports linking COVID-19 vaccines to child deaths, which have impacted stock performance.