Advancing a New Era for Pfizer's Obesity Portfolio with Metsera

Obesity and its associated conditions present a serious and growing health challenge, affecting approximately one billion people globally. Building on our commitment to invest in areas where we see the greatest opportunity for impact, Pfizer recently announced an agreement to acquire Metsera, a biopharmaceutical company developing the next generation of investigational medicines for obesity and cardiometabolic diseases. 

We expect this proposed acquisition to provide Pfizer with a potential path to leadership in this key therapeutic area, with the potential to deliver differentiated products that can capture share in this rapidly growing $100+ billion treatment space. 

By leveraging our deep cardiometabolic expertise, along with our robust manufacturing and commercial infrastructure, we believe Pfizer is optimally positioned to advance the development of Metsera’s pipeline of potential best-in-class oral and injectable treatment candidates.

Metsera has developed a portfolio of promising therapeutic candidates and combinations, with four programs in clinical trials and several next-generation programs in preclinical development. 

For key programs, Metsera has reported promising results that indicate potential for best-in-class efficacy, improved tolerability and flexible monthly dosing. 

These key programs include:

• An ultra-long-acting injectable GLP-1 therapeutic candidate, which is currently in Phase 2 trials for both weekly and monthly dosing, with Phase 3 trials expected to begin in 2026. 
• Two earlier stage oral GLP-1 therapeutic candidates expected to begin clinical trials imminently, which have the potential to deliver differentiated oral medicines with no food or water restrictions.

The proposed acquisition has the potential to define a new standard of care for obesity and reestablish Pfizer’s leadership in Internal Medicine and Primary Care more broadly.

We expect the next 12 months will be catalyst-rich with important data readouts for several of Metsera’s assets – and we anticipate Metsera’s pipeline will deliver a series of potential launches beginning in 2028/2029, subject to clinical and regulatory success.

Beyond the programs currently in development, we see significant opportunity for expansion given the breadth and potential indications for Metsera’s GLP-1 and amylin candidates. This includes both weight-dependent and weight-independent mechanisms with applications across multiple diseases as a backbone therapy with the potential to synergize with our broad portfolio of obesity and cardiometabolic medicines in development. 

This proposed acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including receipt of required regulatory approvals and approval by Metsera’s shareholders. 

For more information on Pfizer’s proposed acquisition of Metsera, please see the materials from Pfizer’s analyst and investor call, which are available here.