Pharma BD Deal Intelligence
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.