Pfizer to acquire Metsera for $4.9B upfront plus up to $22.50/share in CVR milestones

Metsera, Inc.

Metsera shareholders get $47.50 cash per share at closing, plus one CVR per share worth up to $22.50.
CVR milestones: $5 for Phase 3 start of combination product by Dec 2027; $10.50 for FDA approval by Dec 2031; $7 for FDA approval of monthly MET-097i by Dec 2029.
Deal expected to close Q4 2025, subject to stockholder vote, HSR clearance, and other conditions.
Stockholders representing ~37.6% of votes have already agreed to support the merger via Voting and Support Agreements.
Metsera brings four clinical-stage incretin/amylin programs including MET-097i (GLP-1 RA) in Phase 2 for obesity.

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