ImpactInnovationTherapeutic Pfizer Aims to Bring Imperial Obesity Drug Candidates to Clinic in $4.9bn Deal
Pfizer has announced an agreement to acquire US biotechnology startup Metsera at a $4.9 billion valuation for its portfolio of drug candidates, the most advanced of which is a phase 2b GLP-1 therapeutic candidate invented at Imperial College London.
“The acquisition is testament to Professor Steve Bloom’s expertise. It also reflects Imperial’s world-class science and translation – which is yielding therapeutic candidates that could transform lives.” Dr Mike RomanosAssociate Dean for Enterprise (Medicine) at Imperial College London
Pfizer says it will make additional payments increasing the valuation to $7.3 billion if the Imperial candidate reaches certain clinical and regulatory milestones.
Metsera was formed in 2022 to acquire and clinically progress promising obesity solutions, and a year later acquired the Imperial spinout Zihipp for assets that included a compound later named MET-097i by Metsera.
In common with leading obesity drugs such as semaglutide (Wegovy), the compound is designed to work by mimicking the appetite-regulating gut hormone GLP-1.
Pfizer and Metsera say that MET-097i could potentially be best-in-class in a new generation of injectable GLP-1 drugs, requiring injections only once per month instead of weekly, and offering improved safety and weight loss.
A recent phase 2b trial, designed to test its effectiveness in patients, found that the candidate yielded an average weight loss of 14.1% at 28 weeks. The absence of a plateau during this period provides hope that weight loss would continue with a longer course of treatment. The trial also showed positive signs that the candidate is well tolerated.
Imperial research
The Zihipp drug candidate that became MET-097i was invented by Professor Steve Bloom, a globally renowned researcher from Imperial’s Department of Metabolism, Digestion & Reproduction, and previous NIHR Imperial BRC Theme lead, whose 1996 discovery that GLP-1 has an effect on appetite sparked the revolution in obesity treatment using GLP-1 drugs.
At Imperial, he and his team built up a library of 20,000 peptides that mimic hormones, which was licensed to his Imperial spinout Zihipp. After Zihipp was acquired by Metsera, he became Metsera’s vice president of R&D.
Metsera also obtained an Imperial drug candidate later called MET-233i from Zihipp, which mimics another appetite-regulating hormone, amylin. MET-233i is being investigated for its potential to be combined with MET-097i.
The first in man and follow-on Phase 1 trials for the candidates were delivered by the NIHR Imperial CRF.
Dr Mike Romanos, Associate Dean for Enterprise (Medicine) at Imperial College London, said: “With Imperial inventions by Professor Steve Bloom occupying pride of place in Metsera’s portfolio, and Steve serving as company vice president, the company’s planned acquisition by Pfizer is a testament to Steve’s world-leading expertise.
“It also reflects Imperial’s world-class science and its intense focus on translation and commercialisation – which is yielding a pipeline of therapeutic candidates that could transform countless lives.”
Next steps
Pfizer has said it plans to use its experience and its manufacturing and commercial infrastructure to turn Metsera’s candidates into life-improving treatments. As part of the planned acquisition, which has been agreed by both companies’ boards of directors, Pfizer will pay Metsera’s shareholders $47.50 per share, valuing the startup at around $4.9 billion.
Pfizer will make additional payments when MET-097i reaches milestones such as Federal Drug Administration approval, both on its own and in combination with MET-233i, potentially extending the valuation to $7.3 billion.
