Pfizer Inc. and Metsera, Inc. jointly today announced on September 22 that the companies have entered into a definitive agreement under which Pfizer will acquire Metsera.
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, for an initial enterprise value of $4.9 billion with a contingent value right of up to $22.50 per share in additional payments. The Boards of Directors of both Metsera and Pfizer have unanimously approved the transaction, which is expected to close in the fourth quarter of 2025.
Metsera is a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases. Metsera is advancing a broad portfolio of oral and injectable incretin, non-incretin and combination therapies with potential best-in-class profiles to address multiple therapeutic targets and meet the future needs of the weight loss treatment landscape. Metsera was founded in 2022 and is based in New York City. According to its most recent annual report, Metsera reported no revenue and had an EBITDA loss of $224.4 million.
Pfizer is a global biopharmaceutical company that discovers, develops, manufactures and sells healthcare products. Pfizer reported approximately $63.6 billion in total revenue in 2024.
Citi is acting as Pfizer’s financial advisor for the transaction with Wachtell, Lipton, Rosen & Katz acting as legal advisor. Metsera’s financial advisors for the transaction are Goldman Sachs, Guggenheim Securities, LLC, BofA Securities, Inc. and Allen & Company LLC, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal advisor.
According to data captured in the LevinPro HC database, this transaction represents the 89th Biotechnology transaction of 2025. There were 138 Biotechnology transactions announced during 2024, and 161 announced during 2023.
