Pfizer Clinches $10 Billion Deal to Acquire Obesity-Drug Startup Metsera After Fierce Bidding War

Pfizer Inc. has officially secured a $10 billion acquisition deal for Metsera Inc., a New York–based obesity-drug startup, marking one of the most closely watched biotech battles of the year. The announcement, confirmed late on November 7, 2025, and validated by several major outlets on November 8, highlights the escalating competition in the global obesity drug market, projected to exceed $150 billion by the early 2030s.

This acquisition follows a tense, high-stakes bidding war with Novo Nordisk, which ultimately withdrew its competing offer after concerns from U.S. regulators over potential antitrust violations. The decision clears the path for Pfizer to expand its footprint in the rapidly growing metabolic disease sector.

Inside the Deal

Under the amended agreement, Pfizer will pay $65.60 per share in cash plus an additional contingent value right (CVR) worth up to $20.65 per share, totaling a potential $86.25 per share, valuing Metsera at approximately $10 billion. The revised offer nearly doubles Pfizer’s initial September proposal of $4.9 billion and represents a bold escalation to outbid Novo Nordisk’s last-minute offer.

Metsera’s shareholders are scheduled to vote on the deal on November 13, 2025, with closing anticipated soon after. The transaction, according to Metsera’s board, reflects the “best path forward for shareholders” while mitigating regulatory risks tied to Novo’s competing bid.

Pfizer CEO Albert Bourla emphasized the acquisition aligns with the company’s mission to target high-impact therapeutic areas. “We see this as a transformative opportunity to apply our expertise in cardiometabolic diseases and accelerate innovation in obesity treatment,” he said in a statement.

About Metsera

Founded in 2022, Metsera has quickly emerged as a promising contender in obesity and metabolic drug development. The company’s pipeline includes MET-097i, a GLP-1 receptor agonist currently in Phase 2 trials, and MET-233i, an amylin analog in Phase 1 that could be paired with GLP-1 treatments. Two oral GLP-1 candidates are also nearing clinical evaluation.

Analysts estimate Metsera’s drugs could collectively reach $5 billion in peak sales, though they remain years away from commercialization. Pfizer’s acquisition aims to fast-track these programs using its extensive R&D and global commercialization infrastructure.

A Bidding War Fueled by Antitrust Concerns

The takeover battle began in September 2025 when Pfizer announced its first deal with Metsera. Weeks later, Novo Nordisk, known for its market-leading Ozempic and Wegovy, submitted an unsolicited $8.5 billion bid, igniting a fierce contest. Pfizer responded with lawsuits alleging breach of contract and anticompetitive behavior.

Tensions reached a peak in early November when the U.S. Federal Trade Commission (FTC) issued a letter warning Novo and Metsera of potential antitrust risks. Following this intervention, Metsera’s board unanimously backed Pfizer’s revised proposal. Novo officially withdrew on November 8, citing “strategic discipline” and confidence in its internal obesity pipeline.

Market Reactions and Strategic Implications

The news of Pfizer’s triumph sent Metsera’s shares surging, while investors debated whether the $10 billion valuation was justified given the company’s early-stage drug portfolio. Industry analysts view the move as a turning point for Pfizer, which has struggled to gain ground in the obesity sector following earlier pipeline setbacks.

For Pfizer, the acquisition offers a critical opportunity to challenge Novo Nordisk and Eli Lilly, both dominant players in the space. However, experts caution that the success of the deal will depend on Metsera’s clinical outcomes and regulatory approvals.

A $150 Billion Market Race

The obesity drug market has become the new battleground for pharmaceutical giants seeking growth beyond pandemic-era revenues. With over 1 billion people worldwide projected to be obese by 2030, the sector represents one of the fastest-expanding frontiers in global healthcare.

Pfizer’s acquisition of Metsera signifies not only a strategic comeback but also a statement of intent to compete head-to-head in a space reshaping modern medicine. Yet, questions remain: Can Pfizer turn this high-priced bet into clinical and commercial success?

As regulatory scrutiny, pricing pressure, and scientific hurdles loom, the Metsera deal may define whether Pfizer’s $10 billion gamble marks the rebirth of its metabolic franchise or an overreach in a market of giants.