Metsera shareholders approved a takeover bid worth up to $10 billion, according to a preliminary vote count, securing a critical re-entry into the lucrative obesity treatment market for the US pharmaceutical giant after a fierce bidding war with Wegovy maker Novo Nordisk.
The approval paves the way for Pfizer to diversify beyond its shrinking Covid-19 portfolio, navigate looming patent expirations and tap into the fast-growing weight-loss drug market that analysts estimate could be worth $150 billion annually by the end of the decade.
Pfizer shares rose 1.3%, while US-listed Novo shares fell almost 1%.
Pfizer had discontinued two oral GLP-1 candidates, lotiglipron in 2023 and danuglipron in 2025, due to liver safety concerns, leaving it without a viable domestic obesity drug.
Metsera’s board had unanimously backed Pfizer’s amended bid, which valued the biotech at up to $86.25 per share, including $65.60 in cash and up to $20.65 tied to the success of its drug portfolio.
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Pfizer said in September it expects Metsera’s drugs to be launched in the 2028-2029 period.
Metsera’s lead candidate, MET-097i, a once-monthly injection of GLP-1, has drawn attention for its potential to rival Novo’s Wegovy and Eli Lilly Zepbound.
MET-097i had helped patients lose up to 14.1% of their body weight in two mid-stage studies. The company is advancing it in late-stage testing.
Pfizer said in September that it expects Metsera’s drugs to be launched in the 2028, 2029 period and potentially help offset upcoming patent losses.
Earlier this year, Pfizer CEO Albert Bourla said the company expects an annual revenue hit of between $17 billion and $18 billion from drugs that lose patent protection between 2026 and 2028, including blood thinners Eliquis and cancer drugs Ibrance and Xtandi.
Shareholders of Metsera ARCH Venture Fund XII and XIII, Validae Health and Population Health Partners GP had agreed to vote in favor of the deal, according to a proxy filing.
As of September 29, the companies collectively owned about 37.6% of Metsera’s outstanding shares.
With information from Reuters
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