Pfizer Inc. has agreed to acquire Metsera Inc., a startup developing weight-loss drugs, in a deal valued at $10 billion, following a competitive bidding process with rival Novo Nordisk A/S. While the transaction is not yet officially closed, the announcement positions Pfizer as the likely winner in the competition for the startup, Bloomberg reported.

Deal Structure
Metsera announced that Pfizer’s offer consists of an initial cash payment of $65.60 per share, with additional milestone-based payments of up to $20.65 per share, bringing the total potential payment to $86.25 per share. The offer is 5 cents higher than Pfizer’s previous bid, which Metsera’s board determined to be the “best transaction for shareholders.”

Strategic Implications for Pfizer
This acquisition represents a key strategic move for Pfizer, allowing the company to leverage Metsera’s experimental drug pipeline to compete with leading obesity drug manufacturers. Executives expect the combination of therapies under development to potentially redefine obesity treatment in the coming years.

Pfizer had ceased production of its own obesity pill in April after a clinical trial participant showed signs of liver injury. The acquisition of Metsera is seen as a critical step for Pfizer to re-enter the competitive weight-loss market and bolster its drug pipeline, addressing pressure on CEO Albert Bourla to maintain growth.

Why Metsera Was Highly Contested
Metsera is developing several next-generation weight-loss treatments, including an injectable drug that may require less frequent dosing than current market leaders from Eli Lilly & Co. and Novo Nordisk. In early studies, one of its drugs, MET-233i, helped patients lose up to 8.4% of their weight in just 36 days, although it remains several years from reaching the market.

This acquisition underscores the high stakes in the fast-growing obesity drug market and Pfizer’s strategic push to secure a competitive position.