Pfizer wraps up $10bn deal for Imperial obesity drug candidates

Global drugmaker wins race for candidates invented by GLP-1 pioneer Professor Steve Bloom, positioning it to lead the way in next-generation obesity treatments.

Pfizer has completed its deal to acquire US biotechnology startup Metsera at a valuation of up to $10 billion for obesity drug candidates 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 Romanos Associate Dean for Enterprise (Medicine), Imperial College London

Metsera’s portfolio includes three experimental drugs first developed by Imperial College London and its spinout Zihipp, the most advanced of which is a GLP-1 therapeutic candidate set to begin Phase 3 development. 

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 successfully completed the acquisition following competition from Novo Nordisk. Pfizer and Metsera say that MET-097i – now named PF’3944 – 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.  

Origins at Imperial College London 

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, whose discovery published in 1996 that GLP-1 affects 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 they used to identify and then validate the three drug candidates. The package of medicines and discovery platform 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. 

Both candidates use intellectual property from Imperial College London with the university set to potentially receive royalties based on future product sales. 
 
Imperial will receive the royalties through a revenue share with IP Group plc, which owned Imperial's external tech transfer office before the university brought its technology transfer function in-house. 

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.” 

Professor Bloom and his group carried out initial studies to build the library of peptides at the Imperial Biomedical Research Centre with funding from the Imperial NIHR Clinical Research Facility. They later received support to commercialise their discoveries from Imperial Enterprise. 

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 deal, Pfizer has paid $65.60 per share, valuing Metsera at around $7 billion.   

Pfizer will make additional payments when MET-097i (PF’3944) reaches milestones such as Federal Drug Administration approval, both on its own and in combination with MET-233i, potentially extending the valuation to around $10 billion.  

Photos: Thomas Angus/Imperial College London