Acquisition of Metsera - Pfizer plans to acquire Metsera, Inc, with the transaction expected to close in 4Q 2025 and drive growth from the late 2020s and beyond[16] - The acquisition will be funded primarily with available cash and proceeds from new debt and is not expected to impact Pfizer's credit rating[19] - The enterprise value is based on Metsera's June 30 reported cash balance of approximately $500 million[19] Pipeline and Clinical Trials - Pfizer and Roche have a global collaboration for the p40 x TL1A bispecific antibody (PF-07261271)[23] - Pivotal trials are ongoing or initiation is planned before or during 1H 2026 for several drug candidates[22] - MET-097i is a fully biased ultra-long-acting next-generation GLP-1 receptor agonist[33] MET-097i Clinical Data - In a Phase 2a trial, a monthly dose of MET-097i after 12 weekly doses was well tolerated with continued weight loss observed[38] - Phase 1 data demonstrate robust efficacy and placebo-like tolerability at potential starting doses for MET-233i[41] - Placebo-adjusted weight change in adherence to treatment subgroup was -14.2% with 1.2 mg → 4.8 mg of MET-097i[40] Market Opportunity - Obesity and associated conditions are on track to become among the largest pharmaceutical opportunities[27] - The acquisition aligns with Internal Medicine R&D strategy and expertise, leveraging significant primary care commercial infrastructure and field force[27] - The deal structure is risk-managed using a Contingent Value Right (CVR), sharing risk and upside with Metsera shareholders[28] - The acquisition has the potential for attractive returns for Pfizer shareholders[28] - The acquisition targets a market impacting over 1 billion lives globally[48]