Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Pfizer wins the bidding war for Metsera with a $10 billion offer. Metsera stated Novo Nordisk's proposal presented 'unacceptably high legal and regulatory…
Pfizer's First Weight-Loss Data After Metsera Buy 'Look Competitive'. BMO Capital Markets assessed that Pfizer's weight-loss results look competitive with…
Pfizer 10-Q for quarter ended March 29, 2026 reflects the Metsera acquisition: ~$7B upfront cash consideration plus contingent value rights; guided to reduce…
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Pfizer agreed (Sept 22, 2025) to acquire Metsera initially at $47.50/share cash plus CVR up to $22.50/share (~$10B total). After Novo Nordisk launched a rival ~$8.5B bid in October, Pfizer raised its offer; the amended merger (Nov 7, 2025) set $65.60/share cash upfront (~$7.0B enterprise value) plus a CVR of up to $20.65/share ($4.60 + $6.40 + $9.65 across three clinical/regulatory milestones), keeping the up-to total near $10B. Metsera cited FTC antitrust risk in Novos bid; Pfizer prevailed and closed Nov 13, 2025. The deal gives Pfizer Metseras next-generation obesity portfolio led by ultra-long-acting injectable GLP-1 MET-097i and amylin analog MET-233i.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Pfizer Inc. / Metsera, Inc. (this deal) | 2025 | $10.0B | — |
| Pfizer Inc. / BioNTech SE | 2020 | $748M | 100 |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Pfizer Inc. / Medivation Inc. | 2016 | $14.0B | 86 |
| Pfizer Inc. / Wyeth | 2009 | $68.0B | 86 |
| Pfizer Inc. / Warner-Lambert Company | 2000 | $90.0B | 83 |
| Pfizer Inc. / Arvinas, Inc. | 2021 | $2.4B | 77 |
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