Biotech Values

[DewDiligence]

PFE acquires MTSR for $47.50/sh cash+CVR—a 43% premium to Friday’s close (excluding the CVR):

https://www.businesswire.com/news/home/20250922965053/en/Pfizer-to-Acquire-Metsera-and-its-Next-Generation-Obesity-Portfolio

Metsera has a portfolio of promising therapeutic candidates and combinations with four programs in clinical development and several next-generation programs with IND-enabling studies ongoing, aimed at addressing key unmet needs via fewer injections while achieving improved efficacy and tolerability.

This includes MET-097i, a weekly and monthly injectable GLP-1 receptor agonist (RA), both in Phase 2 development; MET-233i, a monthly amylin analog candidate being evaluated as monotherapy and in combination with MET-097i in Phase 1 development; two oral GLP-1 RA candidates expected to begin clinical trials imminently; and additional preclinical nutrient-stimulated hormone therapeutics. Initial Phase 1 clinical results for MET-233i showcasing a potential best-in-class profile were presented on September 17 as a late-breaker at the 61st Annual Meeting of the European Association for the Study of Diabetes (EASD).

The non-tradable CVR consists of three parts:

• $5 per share following the Phase 3 clinical trial start of Metsera’s MET-097i+MET-233i combination;

• $7 per share following U.S. Food and Drug Administration (FDA) approval of Metsera’s monthly MET-097i monotherapy; and

• $10.50 per share following FDA approval of Metsera’s monthly MET-097i+MET-233i combination.

The nominal deal value excluding the CVR is $4.9B.