Metsera

“The gold rush led by Big Pharma and investors has ended. The market is punishing developers whose drugs fail to stand out, and pipelines are being trimmed. Pfizer just axed another program from its massive Metsera deal, while peers like Amgen have begun trimming their own early-stage pipelines.”

“Orals weren't part of the $2.3 billion of CVR payments within the Metsera buyout. Instead, those earnouts are tied to injectables.”