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Pfizer (PFE) announced it will acquire clinical-stage biotech Metsera (MTSR) in a cash-and-contingent value rights deal worth up to $70 per share, as it seeks a foothold in the fast-growing obesity drug market. The deal includes $47.50 per share in cash -- a 43% premium to MTSR’s closing price last Friday -- plus up to $22.50 in milestone payments tied to the development and commercial success of MTSR’s lead candidate, MET-097i. 

• PFE shares are climbing higher on the news, with investors hopeful the acquisition could provide the next long-term growth catalyst, especially as COVID-19 product sales have sharply declined in recent quarters.
• The additional $22.50 per share will be paid out if MET-097i receives FDA approval by the end of 2027 and reaches $2.5 bln in cumulative U.S. sales within five years of launch.
• MTSR’s MET-097i, a GLP-1 receptor agonist, has shown comparable efficacy and improved tolerability relative to Eli Lilly’s (LLY) Zepbound, which achieved remarkable 172% sales growth in 2Q25, and Novo Nordisk’s (NVO) Wegovy in early-stage trials. This includes average weight loss of over 15% at 24 weeks with fewer gastrointestinal side effects.
• Shares of NVO are trading moderately lower, while LLY is up modestly.
• MTSR expects to begin Phase 3 trials in early 2026, with potential FDA approval projected for late 2028 to early 2029, assuming no regulatory delays.
• While MTSR currently has no commercial revenue, analysts estimate peak annual sales of $6–8 bln for MET-097i if approved, depending on market uptake and payer coverage.

Briefing.com Analyst Insight:

PFE’s acquisition of MTSR is a bold but calculated move to capture a share of the booming obesity treatment market. While MTSR is still a pre-revenue biotech, its lead drug, MET-097i, has demonstrated real promise. What makes this deal especially smart is the structure -- PFE limits upfront risk with a $47.50 base offer and ties the rest to performance. The obesity drug market is projected to exceed $100 bln by the early 2030s, and PFE has been under pressure to find new growth drivers as COVID-era windfalls fade. Despite being years away from commercialization, MET-097i offers a path to re-accelerate top-line growth. That’s why both stocks are up today.