Pfizer HQ in New York City getty

Pfizer $4.9 billion cash acquisition of Metsera, a clinical-stage biotech focused on next-generation obesity drugs, is more than another high-profile deal in pharma’s dealmaking spree. It signals a strategic pivot: Pfizer intends to plant its flag firmly in the obesity market, one of the largest growth opportunities in the history of biopharma.

“Obesity is a large and growing space with over 200 health conditions associated with it,” Pfizer CEO Albert Bourla said when unveiling the acquisition. “This proposed acquisition aligns with our focus on directing investments to the most impactful opportunities and propels Pfizer into this key therapeutic area.”

What the Deal Involves

Under the agreement, Pfizer will acquire Metsera for $47.50 per share in

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