Pfizer announced it has agreed to acquire the obesity drug developer Metsera for $10 billion, concluding a fierce bidding war with rival drugmaker Novo Nordisk, a Danish company, the AP News reported and Metsera confirmed in a press release on Saturday, 8 November.
The all-cash deal positions Pfizer as a major new contender in the highly competitive and lucrative market for weight-loss treatment, should it be approved by Metsera shareholders. The vote is expected for 13 November, and both parties anticipate it will be approved.
Although Pfizer had announced a preliminary deal for the company in September, Novo Nordisk countered with an unsolicited offer the following month that Metsera had viewed as ‘superior’, according to a Novo Nordisk press release, sparking a bidding war between the pharmaceutical giants. Pfizer recently countered with a ‘sweetened’ that Metsera accepted.
In its recent announcement with Pfizer, Metsera cited antitrust concerns with U.S. regulators as a reason to go with the American drugmaker’s offer; the Metsera-Pfizer agreement already has FTC approval, and the regulator had voiced concerns over a potential deal with Novo Nordisk.
The acquisition secures for Pfizer a promising pipeline of GLP-1 (and related) obesity-drug candidates, tapping into a class that has already transformed the weight-loss market. With this move, Pfizer is positioning itself to enter a field currently dominated by Novo Nordisk, with its drug Wegovy, and Eli Lilly, with Zepbound–although the challenge remains significant since Metsera’s candidates are still in development.
The deal provides Pfizer with a strategy to enter a sector where it has previously struggled. Pfizer’s own oral GLP-1 candidate, danuglipron, had been hampered by high rates of patient dropouts in clinical trials due to side effects like nausea and vomiting. Consequently, the American pharmaceutical giant announced in April 2025 it had discontinued its research with the drug.
Metsera’s portfolio is seen as a significant upgrade. Its lead candidate is an oral GLP-1 designed to be easier on the digestive system and reduce common side effects. The biotech’s pipeline also includes a long-acting injectable that could potentially be administered just twice a month, and other drugs.
The $10 billion transaction is Pfizer’s most significant move since its 2023 $43 billion acquisition of cancer drugmaker Seagen. The deal for Metsera came together after Novo Nordisk, which had also been actively bidding, exited the process. The Danish company confirmed the news in a 8 November press release.
Metsera’s board of directors then unanimously approved Pfizer’s offer.