Pfizer completes $7 billion acquisition of Metsera with milestone payments

Pfizer Inc. (NYSE:PFE) announced Thursday that it has completed its previously disclosed acquisition of Metsera, Inc., a Delaware-based company, for an enterprise value of approximately $7.0 billion. The transaction was finalized under the terms of a merger agreement signed on September 21, 2025, and amended on November 7, 2025.

Under the agreement, each outstanding share of Metsera common stock, except for certain specified shares, was converted into the right to receive $65.60 in cash at closing. In addition, shareholders received one non-transferable contingent value right per share, which entitles them to potential additional cash payments of up to $20.65 per share based on the achievement of three specific milestones.

The milestones for the contingent value rights include: a payment of $4.60 per share upon the initiation of a Phase 3 clinical trial for Metsera’s injectable GLP-1 receptor antagonist MET-097i in combination with amylin analog MET-233i; a payment of $6.40 per share upon U.S. Food and Drug Administration (FDA) approval of Metsera’s monthly MET-097i monotherapy; and a payment of $9.65 per share upon FDA approval of the MET-097i and MET-233i monthly combination.

The completion of the acquisition follows the approval of the merger agreement by the involved parties. The information in this article is based on a statement provided in a Securities and Exchange Commission filing.

In other recent news, Pfizer reported third-quarter earnings that exceeded expectations, with earnings per share reaching $0.87, surpassing the consensus estimate of $0.61. This represents a significant increase of 42.8% over the anticipated figure. Meanwhile, BioNTech confirmed that its partnership with Pfizer remains strong, dismissing reports of Pfizer potentially selling its stake in the company. In a separate development, Pfizer announced its intention to continue litigation after the Delaware Chancery Court denied a temporary restraining order in its merger deal with Metsera. Pfizer claims that Metsera breached contractual obligations by favoring a competing offer from Novo Nordisk. Additionally, Canaccord Genuity raised its price target on Viking Therapeutics to $107 while maintaining a Buy rating. This adjustment follows a notable increase in Viking shares since Pfizer’s initial offer for Metsera. Lastly, Metsera’s stock experienced a decline after Novo Nordisk withdrew from a bidding war, leaving Pfizer as the sole contender.

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