Pfizer Inc (NYSE:PFE, ETR:PFE) on Monday announced that it will acquire Metsera, Inc (NASDAQ: MTSR), a weight-loss drug developer, in a deal valued at up to $7.3 billion, or $47.50 per share in cash.
Metsera is also eligible to receive an additional $22.50 per share contingent on the achievement of certain performance milestones.
“We are excited to apply our deep cardiometabolic experience and manufacturing and commercial infrastructure to accelerate a portfolio that includes potential best-in-class injectables, with clinical data differentiated by efficacy, tolerability and durability supporting monthly dosing, with the aim to address the ongoing unmet needs associated with obesity and related diseases,” Pfizer CEO Albert Bourla said in a statement.
The global obesity drug market is projected to reach $150 billion by the early 2030s, propelled by the success of GLP-1-targeting therapies from companies such as Novo Nordisk and Eli Lilly, Reuters reported.
Pfizer's development efforts with its own weight-loss pill danuglipron suffered setbacks recently after a trial patient experienced a potential drug-induced liver injury, which was resolved after the medication was stopped.
Metsera stock soared 60% to $53.33 in early trading on Monday, while Pfizer shares rose 1.6% to $24.40.