If you can’t make it, buy it. Pfizer is following this principle with the zeal of a late convert.
Having failed to bring its own experimental weight-loss pill danuglipron to market, the New York-based drugmaker announced a deal to buy Metsera, a biotech that specialises in next-generation obesity drugs, for as much as $7.3bn.
For investors who have watched Pfizer’s market valuation plummet from a peak of more than $342bn in 2021 to just $141bn, any move is long overdue. Indeed, the drugmaker’s shares rose 1.1 per cent on Monday.
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