Pfizer is reportedly closing in on a potential $7.3 billion takeover of Metsera, an emerging developer of anti-obesity treatments, in what would be the US pharmaceutical giant’s first major acquisition in two years, the Financial Times reports. The deal is seen as a strategic move to secure a foothold in the fast-growing weight-loss drug market.
According to sources familiar with the matter, Pfizer has offered $47.50 in cash per Metsera share, with an additional $22.50 contingent on performance milestones, valuing the company at up to $7.3 billion. The offer represents a significant premium over Metsera’s closing share price of $33.32 on Friday in New York. The acquisition could be formally announced as early as Monday, provided there are no last-minute complications.
Pfizer’s bid comes after its own experimental weight-loss drug, danuglipron, failed in clinical trials earlier this year. The New York-based pharmaceutical company, led by CEO Albert Bourla, is seeking to bolster its market position and share price, which has fallen more than 50% from its 2021 pandemic-era peak. Pfizer’s stock closed at $24 on Friday, giving it a market value of $136 billion. The company’s most recent major acquisition was the $43 billion purchase of cancer-focused biotech Seagen in 2023.
Metsera, which went public earlier this year in one of 2025’s largest biotech listings, is developing next-generation obesity treatments. Its lead candidate, MET-097i, activates the GLP-1 receptor rather than blocking it like existing therapies from Eli Lilly and Novo Nordisk. In a phase-two trial, MET-097i achieved an 11.3% reduction in body mass over 12 weeks with minimal side effects. Metsera is also exploring long-acting, monthly injections and oral therapies, as well as drugs that harness the hormone amylin, which may suppress appetite without the muscle loss seen in current GLP-1 treatments.
The potential acquisition has drawn attention from other major pharmaceutical companies, highlighting the competitive push into innovative weight-loss therapies. Analysts note that the treatments under development could improve on current weekly injections such as Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy.
Pfizer and Metsera did not immediately respond to requests for comment.
