Pfizer has announced a definitive $4.9 billion cash acquisition of Metsera, a biotech focused on experimental injectable and oral obesity drugs. The deal, which includes contingent value rights worth up to $22.50 per share based on regulatory and clinical milestones, aims to revitalize Pfizer’s stalled obesity R&D portfolio. Metsera, founded in 2022 and public since early 2025, has attracted $290 million in initial financing. This strategic move positions Pfizer to compete more aggressively in the expanding weight-loss market dominated by newer entrants. Analyst notes highlight Pfizer’s urgency following setbacks in internal candidates, making this deal a pivotal step in the obesity therapy race.