Pfizer to Buy Metsera for $4.9 Billion in Obesity Drug Bet (3)

Pfizer Inc. will pay $4.9 billion for the obesity startup Metsera Inc. in a bid to catch up to rival drugmakers after failing to compete with its own weight-loss medications.

The US drugmaker agreed to buy Metsera for $47.50 in cash per share, and further payments of up to $22.50 per share if three specific and regulatory milestones are met, it said Monday, with a total potential value of $7.3 billion. The deal represents a 43% premium to Metsera’s closing share price on Friday.

Pfizer is in the process of rebuilding in the aftermath of the ...