US pharmaceutical giant Pfizer will acquire Metsera, a maker of drugs for obesity and heart disease, for $4.9 billion, the companies announced Monday.
With this purchase, Pfizer aims to expand its portfolio by entering the large and rapidly growing market for obesity treatments.
“Obesity is a large and growing space with over 200 health conditions associated with it,” Pfizer CEO Albert Bourla said in a statement.
“The proposed acquisition of Metsera aligns with our focus on directing investments to the most impactful opportunities and propels Pfizer into this key therapeutic area,” he added.
Pfizer will acquire all outstanding shares of Metsera common stock at $47.50 per share, in a deal expected to close in the final quarter of this year.
Pharmaceutical companies are keen to enter the obesity and diabetes medicine market following the success of Danish firm Novo Nordisk’s Ozempic and Wegovy drugs, as well as US giant Eli Lilly’s Zepbound.
Pfizer, one of the first companies to develop a Covid vaccine—a hugely profitable breakthrough—has seen its stock decline since the pandemic ended, dropping from $58 per share in December 2021 to $24 per share at Friday’s close in New York.
In electronic trading before the Wall Street opening on Monday, Pfizer shares rose 1.6 percent, while Metsera’s stock soared 60 percent.
AFP
