Updated Nov. 11, 2025
Key takeaways
- Pfizer’s $10B acquisition of Metsera remains the dominant storyline; today’s coverage focuses on why the board chose Pfizer over Novo Nordisk and what the final terms mean for PFE investors. A shareholder vote is slated for Thursday, Nov. 13. 1
- Regulatory dynamics mattered: analysis indicates a call from the U.S. FTC weighed on Metsera’s decision, underscoring antitrust risk for a Novo tie‑up and higher certainty with Pfizer. 2
- Pipeline update (today): Pfizer laid out an aggressive seven‑trial plan for its PD‑1×VEGF bispecific antibody, including a head‑to‑head phase 3 vs. Keytruda in first‑line lung cancer. 3
- Market check: As of publication, PFE traded ~4–5% higher near $25.50 after last week’s EPS beat and guidance raise. 4
Where the Metsera deal stands today
Pfizer has agreed to acquire Metsera on final terms worth up to $10 billion, paying $65.60 in cash per share plus up to $20.65 per share in CVRs (maximum $86.25 per share). The structure, which Metsera’s board deemed superior on value and certainty of closing, is expected to go to a shareholder vote on Nov. 13 before closing. 5
While Novo Nordisk pushed the bidding to similar headline value, meticulous antitrust calculus tipped the field. Reuters Breakingviews reports that FTC outreach helped steer Metsera toward Pfizer; coupled with the U.S. antitrust clearance previously granted for an earlier iteration of the Pfizer–Metsera agreement, the U.S. buyer offered a cleaner path. 2
Investor reaction: Coverage today notes the post‑bid hangover in Metsera shares, but for Pfizer, sentiment is firmer: PFE traded around $25.50 (+~4–5%) intraday as headlines coalesced around deal certainty and strategy. 6
Why Metsera matters for Pfizer’s obesity strategy
The obesity market is a once‑in‑a‑generation category forecast to reach $150 billion over the next decade. After Pfizer terminated its danuglipron oral GLP‑1 program in April due to safety concerns, Metsera’s portfolio gives PFE a fresh entry point—including a potentially monthly GLP‑1 injection, GLP‑1/amylin combinations, and an oral candidate. Today’s roundups emphasize that pipeline diversity + antitrust certainty were decisive in Metsera’s selection of Pfizer. 7
New (today): Pfizer maps out 7‑trial oncology push to challenge Keytruda
In a Nov. 11 briefing covered by Fierce Biotech, Pfizer outlined seven near‑term studies for its PD‑1×VEGF bispecific (PF‑08634404, also referenced as SSGJ‑707). The plan includes:
- A global, 1,500‑patient phase 3 head‑to‑head against Keytruda + chemo in first‑line non‑small cell lung cancer (NSCLC).
- A second phase 3 in metastatic colorectal cancer testing the bispecific + chemo versus bevacizumab + chemo.
- Additional phase 1/2 studies across liver, bladder, and kidney cancers, with broader combination strategies to follow.
These moves build on SITC 2025 data and a July rights deal for the asset—signaling Pfizer’s intent to make the bispecific a backbone therapy across tumor types. 3
Complementary reporting today underscores the scale of the program—well over 2,000 participants across the first wave—framing Pfizer’s oncology bet as a parallel growth engine alongside the Metsera acquisition. 8
The tape: shares firmer as fundamentals improve
Stock: PFE ~$25.50 (+4–5%) intraday on Nov. 11 (delayed). Reuters
Recent results (Nov. 4): Pfizer beat Q3 expectations ($0.87 adj. EPS) and raised 2025 EPS guidance to $3.00–$3.15 as cost controls bite, even as the company weighed a higher Metsera offer. Those results temper balance‑sheet concerns about adding another large transaction. 9
Legal and process watch (context for today’s coverage)
- Litigation: On Nov. 3, Pfizer filed a second lawsuit alleging anticompetitive conduct by Metsera’s owners and Novo; on Nov. 5, the Delaware Chancery Court denied a temporary restraining order sought by Pfizer when Novo’s bid was briefly in pole position. Those rulings are now largely mooted by Novo’s withdrawal and Metsera’s agreement with Pfizer. 10
- Regulatory backdrop: Before the bidding escalated, the FTC granted early termination of the HSR waiting period for a Pfizer–Metsera transaction, reinforcing Pfizer’s message on deal certainty. 11
What to watch next
- Nov. 13 Metsera shareholder vote and closing timing. 1
- Integration roadmap: clarity on lead obesity programs (e.g., monthly GLP‑1 injection timeline) and spend cadence post‑close. 7
- Oncology data flow: first readouts and enrollment progress from the Keytruda head‑to‑head and colorectal study starts outlined today. 3
Bottom line
Today’s news flow crystallizes Pfizer’s two‑pronged growth story: (1) lock down Metsera to re‑enter obesity with meaningful assets on U.S.‑friendly antitrust footing, and (2) scale an oncology franchise built around a PD‑1×VEGF bispecific designed to challenge Keytruda head‑on. With shares firmer and guidance higher, the focus shifts to execution—securing the vote, closing smoothly, and turning today’s trial plans into tomorrow’s data. 5
Disclosure: This article is for information only and is not investment advice.
