Oct 13, 2025

13 Oct 2025 IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to provide the following update on potential future revenue from certain obesity drug candidates that are currently being developed by Metsera, Inc (“Metsera”). Pfizer, Inc. and Metsera announced on 22 September that they had reached a definitive agreement for Pfizer to acquire Metsera and its next-generation obesity portfolio. The transaction valued the business at up to $7.3bn, including $4.9bn in upfront cash. Metsera has a portfolio of promising therapeutic candidates and combinations with four programmes in clinical development and several next-generation programmes with IND-enabling studies ongoing, aimed at addressing key unmet needs via fewer injections while achieving improved efficacy and tolerability. As noted in IP Group’s 2025 half-yearly results, the Group benefits from financial exposure to a number of Metsera’s obesity drug programmes following Metsera’s acquisition of former IP Group portfolio company Zihipp in 2023. IP Group owns and exclusively licenses to Zihipp certain underlying IP relating to Metsera’s programmes including its lead product MET-097i as well as MET-233, MET-034 and MET-067. IP Group is entitled to receive future returns from these compounds through a combination of technical and commercial milestone payments, as well as tiered, low-single digit percentage royalties on net sales of the licensed products. 50% of all monies received by the Group from Metsera is payable to Imperial College London under revenue share arrangements. It should be noted that any future royalties remain subject to the eventual approval and launch of new drugs based on the licensed compounds, which is not certain. On 29 September, Metsera announced positive Phase 2b results for the most advanced of its programmes, its GLP-1 therapeutic candidate (MET-097i), for which it intends to initiate a global Phase 3 programme in late 2025. MET-097i could potentially be best-in-class in a new generation of injectable GLP-1 drugs, requiring injections only once per month instead of weekly, with the potential to deliver competitive efficacy with category-leading scalability, tolerability, and convenience. Greg Smith, Chief Executive of IP Group, said: “We are encouraged by Metsera’s Phase 2b results for MET‑097i and its plans to initiate Phase 3 in 2025. Obesity is a global health challenge and Metsera’s next generation programmes could ease pressure on healthcare systems with fewer injections and better tolerability. As Metsera advances its portfolio, IP Group’s shareholders are positioned to benefit, primarily through sustainable royalty income, should these therapies achieve approval and commercial momentum.” The Zihipp drug candidate that became MET-097i was invented by Professor Steve Bloom, a globally renowned researcher from Imperial’s Department of Metabolism, Digestion & Reproduction, whose 1996 discovery that GLP-1 has an effect on appetite sparked the revolution in obesity treatment using GLP-1 drugs. Professor Bloom’s body of research was refined in conjunction with IP Group, in its capacity as Imperial College London’s commercialisation partner, prior to being spun out into Zihipp. Zihipp is a company developing obesity drugs that was spun out of Imperial College London. IP Group had a 31% shareholding in Zihipp at the time of its acquisition by Metsera in 2023. IP Group is entitled to upfront, deferred and contingent payments under the share purchase agreement with Metsera. Further, as the licensor under the exclusive license agreement with Zihipp, which was acquired by Metsera as part of the acquisition, IP Group is also entitled to milestone payments, annual fees, patent cost reimbursement and tiered, low-single digit percentage royalties on net sales of the licensed products. All proceeds received by IP Group are subject to a 50/50 revenue sharing arrangement with Imperial College London after deduction of any third-party share and relevant costs. IP Group accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world’s most exciting businesses in deeptech, life sciences and cleantech. Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have a strong track record of success, having backed high-profile companies including Oxford Nanopore Technologies plc, Featurespace, First Light Fusion, Hysata, and Oxa. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO. For more information, please visit our website at www.ipgroupplc.com .