Pfizer is fattening its drug portfolio by betting that more people will want to slim down. The New York drugmaker announced Monday that it’s acquiring Metsera, and its portfolio of four medications for obesity and cardiometabolic diseases, in a deal valued at as much as $7.3 billion.

In addition to potential future payments tied to specific clinical and regulatory milestones, Pfizer said it will acquire all outstanding shares of Metsera stock for $47.50 per share. Metsera shares closed at $33.32 on Friday and surged more than 60% on Monday to as high as $54.47 per share. New York-based Metsera emerged from stealth mode last year to take on the weight-loss market and completed its initial public offering earlier this year.

The acquisition, which has been unanimously approved by the boards of directors at both companies, will help Pfizer gain a foothold in the increasingly competitive market for weight-loss drugs. And it will help it compete with other drugmakers, including Novo Nordisk and Eli Lilly.

“The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area,” Albert Bourla, chairman and CEO of Pfizer, said in a statement.

A $5 BILLION PIPELINE

Pfizer is banking on the “best-in-class” potential of Metsera’s pipeline of drugs, which could be a key driver of growth for its business. 

David Risinger, an analyst at Leerink Partners, has projected that Metsera’s drug pipeline could generate more than $5 billion in combined peak sales, according to reporting by Reuters. And a likely series of drug launches beginning in the 2028–2029 time frame would accelerate Pfizer’s growth trajectory following the major loss of exclusivity, according to reporting by The Wall Street Journal. 

THE OZEMPIC EFFECT

Since 2021, when Novo Nordisk’s Ozempic was approved by the Food and Drug Administration (FDA) for weight management in adults with obesity, there’s been a rush of new drugs that have come to market. The global market for obesity drugs is projected to reach $150 billion by 2035, according to Morgan Stanley Research. 

But Pfizer has stumbled in its efforts to successfully bring a weight-loss medication to market.

The drugmaker announced in April that it discontinued development of a glucagon-like peptide-1 (GLP-1) weight-loss pill called danuglipron after a trial patient experienced a potential drug-induced liver injury that resolved after discontinuation of the medication. 

By broadening its portfolio in the weight-loss medication market, Pfizer also cushions itself from the likely decline in demand for vaccines. Last week, a Centers for Disease Control (CDC) panel voted to scrap its previous universal recommendation for annual COVID-19 vaccine shots for any American 6 months and older, instead leaving it up to “individual decision-making.” Pfizer partnered with BioNTech to make one of the two mRNA COVID-19 vaccines.

The Pfizer-Metsear deal is expected to close in the fourth quarter of 2025.