Metsera CVR Play

I picked up some Metsera yesterday at an average price of $70.18. This company was a target of a bidding war between Pfizer and Novo Nordisk. Pfizer prevailed with an offer of $65.60 in cash plus a CVR worth up to $20.65 per share. The first milestone CVR payout is $4.60 for the initiation of a phase 3 trial of MET-097i plus MET-233i by the end of 2027, which is pretty much a given. The next CVR milestones payouts (totaling $16.05) are based on two separate FDA approvals, which is questionable. The way I look at this, I’m essentially getting a free play on the potential FDA approval payout. I like these kind of special situation plays.