Pfizer has rejoined the weight-loss race with a $4.9bn move for Metsera. Beyond deal size, the strategic question is sharper: can pairing an amylin analogue with a monthly GLP-1 finally blunt the gastrointestinal side effects that limit real-world persistence?
What Pfizer actually bought
On 22 September, Pfizer agreed to acquire Metsera for $47.50 per share in cash (enterprise value ~$4.9bn) plus a contingent value right of up to $22.50 per share, with closing targeted for Q4 2025. For Pfizer—coming off its own setbacks with oral GLP-1 danuglipron—this is a re-entry into a market forecast to exceed $100bn later this decade.
