Pfizer is expanding its reach into the fast-growing obesity drug market with the acquisition of US biopharmaceutical company Metsera in a deal valued at $4.9 billion (€4.16bn). The move marks the latest shift by the pharmaceutical giant as it seeks new growth opportunities following the success of its COVID-19 vaccine.
The company announced on Monday that it will pay $47.50 per share in cash for each Metsera share, representing a premium of more than 42% compared with the biotech firm’s closing price on Friday. Pfizer has also agreed to a contingent payment of up to $22.50 per share depending on the progress of Metsera’s drug pipeline.
“The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area,” said Albert Bourla, chairman and chief executive of Pfizer. “Obesity is a large and growing space with over 200 health conditions associated with it.”
Metsera, which currently has no products on the market, has built a strong pipeline that includes four programs in clinical development and one in mid-stage testing. The company specialises in obesity and cardiometabolic disease treatments, areas that Pfizer sees as critical for future expansion.
The global market for obesity drugs has surged in recent years, driven by blockbuster medicines such as Wegovy from Novo Nordisk and Zepbound from Eli Lilly. Analysts forecast explosive growth ahead, with Goldman Sachs estimating the market could expand from $28 billion (€23.8bn) today to $95 billion (€80.6bn) by 2030. Morgan Stanley projects it could reach as much as $150 billion (€127.3bn) by 2035.
Pfizer itself has struggled to gain a foothold in this sector. Earlier this year, it abandoned development of a potential once-daily pill before it advanced to late-stage trials, citing challenges in its development. The acquisition of Metsera provides Pfizer with both clinical programs and infrastructure that could accelerate its entry into this competitive space.
The announcement also comes against a backdrop of heightened political pressure on pharmaceutical firms. The US government has been pushing drugmakers to cut prices, with President Donald Trump recently demanding commitments from 17 companies to lower costs by late September. The administration has also raised the prospect of tariffs on the sector, though no formal measures have yet been introduced.
Investors welcomed the news of Pfizer’s latest strategic pivot. Shares in the New York-based company rose more than 2.5% in early trading on Monday, while Metsera’s stock jumped more than 60% on the takeover premium.
The deal underscores Pfizer’s bid to diversify its business as demand for COVID-19 vaccines and treatments tapers off. With obesity medicines projected to be one of the most lucrative segments of the pharmaceutical market in the coming decade, Pfizer’s move signals its intent to compete with industry leaders in a field increasingly seen as the next frontier in healthcare innovation.
