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Diversified pharma re-entering obesity via M&A: acquired Metsera November 2025 (~$7.3B upfront + up to $3.5B contingent) after danuglipron failed. Sciwind partnership ($495M) for ecnoglutide in China.
Re-entered obesity through M&A after danuglipron failed. Acquired Metsera November 2025 for about $7.3B upfront plus up to $3.5B in contingent milestones (up to about $10B headline) for an oral and injectable GLP-1 pipeline. Sciwind partnership for ecnoglutide in China ($495M).