Pfizer amps up push into obesity treatments with $4.9B deal for Metsera

Pfizer is doubling down on obesity treatments by spending $4.9 billion on the development-stage drugmaker Metsera.

The COVID-19 vaccine and treatment maker said early Monday that it will pay $47.50 per share in cash for each Metsera share. That represents a premium of more than 42% to Metsera’s closing price Friday.

Pfizer also could pay an additional $22.50 per share depending on how Metsera’s product pipeline develops.

Metsera has no products on the market, but its pipeline includes four programs in clinical development and one in mid-stage testing.

Demand for obesity treatments has soared in recent years, fueled by market leaders Zepbound from Eli Lilly and Wegovy from Novo Nordisk.

Pfizer currently has no obesity treatments on the market but has some in clinical development. Earlier this year, the company said it was ending development of a potential once-daily pill treatment before it started late-stage testing, the biggest and most expensive phase of clinical development.

Shares of Pfizer Inc., based in New York, climbed 31 cents to $24.33 before markets opened Monday while Metsera's stock advanced about 60%.