Pfizer wins $10 billion bidding war for Metsera – Business News
U.S. drugmaker Pfizer has clinched a $10 billion deal for weight problems drug developer Metsera, capping a fierce biotech bidding war between the New York-based pharma giant and Danish rival Novo Nordisk.
Metsera accepted a sweetened offer from Pfizer late on Friday, citing U.S. antitrust dangers in Novo’s bid that it had beforehand referred to as superior. The Danish weight problems drug behemoth stated on Saturday it might exit the race.
The bidding war win arms Pfizer a manner into the profitable weight problems drug market, even when Metsera’s therapies stay years from hitting the market. It marks a blow for Novo because it tries to claw back misplaced ground in opposition to U.S. rival Eli Lilly.
A Pfizer analysis facility is proven within the La Jolla neighborhood of San Diego, California, U.S., September 30, 2025. REUTERS
Twists and turns in a biotech bidding war
Pfizer appeared to have locked up the deal in September earlier than Novo jumped in final week with an unsolicited offer, sparking a combat for a coveted asset within the growing weight-loss market. Pfizer is attempting to gain a toehold in weight problems to beat previous in-house stumbles in developing weight-loss medication.
Pfizer has agreed to pay $86.25 per share in money, a premium of 3.69% to Metsera’s Friday close, Metsera stated in a assertion. The offer contains $65.60 per share in money and a contingent worth proper entitling holders to further funds of up to $20.65 per share in money.
Novo Nordisk on Saturday stated it might not be making an elevated offer.
“Following a competitive process and after careful consideration, Novo Nordisk will not increase its offer to acquire Metsera,” the Danish drugmaker stated in a assertion.
Novo added that it’s advancing its own pipeline of remedy choices for weight problems, and that it might “continue to assess opportunities for business development and acquisitions … that further its strategic objectives.”
The emblem of Danish pharmaceutical company Novo Nordisk is seen on a signal exterior their headquarters in Bagsvaerd, Denmark, on February 5, 2025. Ritzau Scanpix/AFP through Getty Images
A source close to Novo stated that its final unsuccessful bid had been the “maximum value” of Metsera and that the firm remained assured in its own weight problems drug pipeline. The deal was by no means “do or die” for Novo.
“This was always a bolt-on acquisition for Novo,” the individual stated.
‘Unacceptably high legal and regulatory risks’
The escalating M&A sport despatched Metsera’s shares surging over the past week. From simply earlier than Novo stepped in with its bid by way of Friday’s close, Metsera shares gained almost 60%, sending its market worth to $8.75 billion.
For a time, it appeared Novo had the inside observe. Novo has been attempting to get better its once-commanding place in weight problems medication that it misplaced to Eli Lilly.
Metsera, in its Friday assertion, stated Novo’s proposal introduced “unacceptably high legal and regulatory risks” in comparison with the proposed merger with Pfizer, citing a call from the U.S. Federal Trade Commission to debate the dangers of a transaction with Novo. The regulator despatched a letter earlier this week to Novo and Metsera, saying their proposed deal ran the risk of violating U.S. antitrust legal guidelines.
Logos of Pfizer on the company’s sales space on the eighth China International Import Expo (CIIE) in Shanghai, China, November 6, 2025 REUTERS
Novo stated in its assertion that it believed that the construction of its offer was “compliant with antitrust laws”.
In a assertion, Pfizer stated it was happy to have reached a revised settlement with Metsera, and expects to close the merger quickly after Metsera’s November 13 shareholder assembly.
‘Game of Thrones’ fashion bidding war for Metsera
Bernstein analyst Courtney Breen stated the $10 billion price rested on optimistic assumptions concerning the future efficiency of Metsera, saying Pfizer would need to imagine $11 billion in income by 2040, almost double Metsera’s present projections. She pointed to growing scepticism round long-term GLP-1 pricing, which may compress margins.
Metsera’s board advisable its shareholders approve the amended Pfizer offer. The biotech company presently loses money and analysts count on further losses whereas its medication are nonetheless in development.
Flags with the logos of Danish drugmaker Novo Nordisk, maker of the blockbuster diabetes and weight-loss therapies Ozempic and Wegovy are photos whereas the company presents the annual report at Novo Nordisk in Bagsvaerd, Denmark, on February 5, 2025. Ritzau Scanpix/AFP through Getty Images
The bidding war between Pfizer and Novo lifted the price from Pfizer’s $7.3 billion offer in September. Former Pfizer research-and-development chief John LaMattina advised Reuters the battle was reminiscent of Pfizer’s 2000 hostile takeover of Warner-Lambert for $90 billion in an effort to gain control of Lipitor, a cholesterol-lowering drug.
“While this is a smaller deal, Pfizer must believe that Metsera’s pipeline is key for its future,” he stated.
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Analysts and traders pointed to the unusually fierce combat to gain control of Metsera, whose early-stage weight problems therapies stay unproven however could possibly be key in a market some analysts estimate will hit $150 billion by early subsequent decade.
“This is a Game of Thrones-level of play,” Peter Kolchinsky, managing associate at RA Capital, a top-20 Metsera shareholder, earlier than the ultimate bid was accepted.
Metsera’s experimental weight problems medication, MET-097i, a GLP-1 injectable, and MET-233i, which mimics the pancreatic hormone amylin, are projected to achieve $5 billion in mixed peak gross sales, in keeping with Leerink Partners analyst David Risinger.
