Pfizer, which has struggled in the obesity drug race, said Monday it would buy biotech Metsera, picking up a range of experimental weight loss medicines.

Pfizer is paying $47.50 a share in cash for Metsera, a 43% premium on the startup’s closing price on Friday and giving the deal an enterprise value of $4.9 billion. The pact also includes a contingent value right worth up to $22.50 a share based on potential clinical and regulatory milestones for Metsera’s medicines.

Founded in 2022, New York-based Metsera launched publicly just last year, with $290 million in early financing deals led by ARCH and Population Health Partners. The company went public earlier this year.

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