Metsera takeout highlights importance of CVRs in risk-off era: Deals Report

For the second time in the past few days, a billion-dollar biotech takeout has included a contingent value right that ties financial rewards for shareholders to future outcomes that may or may not be fulfilled.

Monday morning’s deal by Pfizer Inc. (NYSE:PFE) to acquire Metsera Inc. (NASDAQ:MTSR) includes a $4.9 billion upfront component that guarantees a strong return to investors in the metabolic disease company. But Metsera’s shareholders stand to receive up to 47% more in future payouts if the biotech’s programs meet three future milestones...