Pfizer Inc. has announced a definitive agreement to acquire U.S.-based obesity-drug biotech Metsera for approximately $10 billion, ending a competitive bidding battle with Danish pharmaceutical major Novo Nordisk.
Under the deal terms, Pfizer will pay $65.60 per share in cash, along with a contingent value right (CVR) worth up to $20.65 per share, taking the total potential consideration to around $10 billion. The acquisition is expected to strengthen Pfizer’s pipeline in the fast-growing obesity and metabolic disorder segment.
In a joint statement, Pfizer said, “We are pleased that we and Metsera have agreed to these revised terms, which will provide immediate and certain value to Metsera’s shareholders.”
Metsera confirmed that it chose Pfizer’s offer after the U.S. Federal Trade Commission (FTC) raised antitrust concerns over Novo Nordisk’s bid, warning of potential violations had the Danish drugmaker proceeded with the acquisition. The biotech cited the FTC’s intervention as the key factor in its decision, noting that Novo Nordisk’s proposal carried “unacceptably high legal and regulatory risks.”
The deal marks a major strategic win for Pfizer, positioning it firmly in the booming obesity-drug market, which has seen explosive growth driven by demand for GLP-1–based treatments.
