Is Pfizer Stock a Buy After This $10 Billion Acquisition?

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able to deal with upcoming patent cliffs.10 stocks we like better than Pfizer ›Pfizer (NYSE: PFE) has been southbound for the past three years. Following its success in the coronavirus market, which made it the first company in the biopharma industry to generate $100 billion in annual sales, revenue and earnings have dipped significantly. Furthermore, the drugmaker will face a major patent cliff in the next few years.With all that going on, should investors even consider buying Pfizer's shares? The good news is that the company is looking to right the ship, notably by expanding its pipeline through acquisitions. And the latest one is particularly noteworthy. Let's see if this move makes Pfizer's stock a buy.Image source: Getty Images.Pfizer first announced a deal to acquire a smaller biotech, Metsera (NASDAQ: MTSR), in September. The pharmaceutical giant has its eyes on Metsera's anti-obesity candidates. The weight-loss market is growing rapidly, and Pfizer has not been able to make a dent in the field, as its internally developed programs have failed. By buying Metsera, it hoped to finally dip its toes in this promising therapeutic area.However, the proposed merger hit a snag. Novo Nordisk, a leader in weight management, made an (at the time) superior offer to acquire Metsera. What ensued was a battle between two of the largest pharmaceutical companies, with Pfizer contesting the validity of Novo Nordisk's proposal and filing lawsuits against the Denmark-based drugmaker.Pfizer eventually increased its offer. The company is now set to acquire Metsera in a deal worth up to $10 billion, including potential milestone payments based on clinical and regulatory achievements. The transaction had been worth up to $7.3 billion before Novo Nordisk got involved.The demand for anti-obesity medicines is soaring for two reasons. First, drugmakers are making important breakthroughs in the field. Second, the prevalence of obesity has increased substantially over the past few decades, and the condition is linked with many diseases, including some of the leading causes of death.While precise estimates vary, analysts generally agree that sales of weight management drugs will balloon through the end of the decade, and likely beyond. 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