Pfizer to Acquire Metsera for $4.9 Billion

Pfizer Inc. (PFE) entered a merger agreement on September 22, 2025, to acquire Metsera, Inc. (MTSR) in a deal valued at $4.9 billion.

Deal Structure:

Pfizer will acquire all outstanding shares of Metsera common stock for $47.5 per share in cash at closing, representing a premium of 42.56% from the stock’s last close.

Additionally, the agreement includes a non-transferable contingent value right (CVR) entitling holders to potential additional payments of up to $22.5 per share in cash tied to three specific clinical and regulatory milestones:

• $5 per share following the Phase 3 clinical trial start of Metsera’s MET-097i+MET-233i combination,
• $7 per share following U.S. Food and Drug Administration (FDA) approval of Metsera’s monthly MET-097i monotherapy, and
• $10.5 per share following FDA approval of Metsera’s monthly MET-097i+MET-233i combination, if achieved.

Company Profile:

Metsera is a clinical-stage biopharmaceutical company based in New York City, developing oral and injectable therapies to treat obesity, metabolic diseases, and related disorders.

Pfizer is a global biopharmaceutical company based in New York, developing, manufacturing, and distributing innovative medicines and vaccines across a wide range of therapeutic areas, including cardiovascular, oncology, immunology, and infectious diseases.

Deal Details and Timeline:

The deal is expected to close in the fourth quarter of 2025.

Citi is advising Pfizer financially on the deal, with Wachtell, Lipton, Rosen & Katz providing legal counsel. Metsera is advised financially by Goldman Sachs, Guggenheim Securities, BofA Securities, and Allen & Company, with legal support from Paul, Weiss, Rifkind, Wharton & Garrison.

Deal Metrics:

For detailed information about this merger, please refer to the Deal Metrics page here:

Deal Metrics for the acquisition of Metsera, Inc. (MTSR) by Pfizer Inc. (PFE)

The Deal Metrics page provides a comprehensive breakdown of the merger, including a spread history chart, regulatory approval updates, SEC filings, and news updates.

Disclaimer: This article is intended for informational purposes only. It is not a recommendation to buy or sell any securities mentioned. We suggest that you conduct your own due diligence before making any investment decisions. We do not guarantee the accuracy or completeness of the information provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article