21世纪经济报道·2025-11-09 09:21Core Viewpoint - Pfizer's acquisition of Metsera represents a strategic move to address its shortcomings in the weight loss drug market, particularly after setbacks in its own GLP-1 candidates [4][10]. Group 1: Acquisition Details - Pfizer and Metsera announced a revised merger agreement on November 8, with Pfizer offering up to $86.25 per share, a 159% premium over Metsera's closing price of $33.32 before the initial acquisition announcement [2][10]. - The revised offer includes an initial cash payment of $65.60 per share and potential milestone payments of up to $20.65 per share [2]. Group 2: Market Context - The competition in the weight loss drug sector is intensifying, with Novo Nordisk previously making a competing bid for Metsera valued at $8.5 billion [2][4]. - Analysts highlight that the market premium is driven not just by clinical assets but by the extensibility of Metsera's technology platforms, which have applications beyond weight loss [2]. Group 3: Technological Advantages - Metsera's value lies in its three technology platforms: HALO, MOMENTUM, and MINT, which enhance drug delivery and absorption, potentially allowing for a comprehensive treatment approach [5][6]. - The HALO platform extends the half-life of peptide drugs, while the MOMENTUM platform addresses oral absorption challenges, and the MINT platform supports customized drug development [5]. Group 4: Competitive Landscape - Novo Nordisk remains a leader in the weight loss drug market, reporting a revenue of approximately $34.5 billion for the first three quarters of 2025, with significant contributions from GLP-1 drugs [7]. - Eli Lilly's GLP-1 products have also shown strong sales, with a quarterly revenue exceeding $10.1 billion [8]. Group 5: Future Implications - The high valuation of the Metsera deal may stimulate further mergers and acquisitions in the biotech sector, particularly for companies with long-acting and oral drug technologies [11]. - The competition is shifting from individual product comparisons to a broader evaluation of technology platforms and pipeline ecosystems [11].