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Pfizer has received a $10 billion deal to amass the fast-rising weight problems drug developer Metsera, ending a fierce bidding warfare with Danish rival Novo Nordisk.
Metsera accepted a sweetened supply from Pfizer late Friday, citing U.S. antitrust dangers in Novo’s bid that it had beforehand known as superior, in accordance with Reuters. The Danish obesity-drug large mentioned Saturday it could exit the race.
The win offers Pfizer a foothold within the profitable obesity-drug market, though Metsera’s therapies stay years away from approval. The loss marked a setback for Novo because it tries to claw again floor from U.S. rival Eli Lilly.
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Pfizer has received a $10 billion deal to amass weight problems drug developer Metsera, beating Danish rival Novo Nordisk in a fierce bidding warfare. (Kena Betancur/VIEWpress / Getty Pictures)
In an announcement, Novo Nordisk confirmed it was strolling away from its tried acquisition after a number of gives, saying it judged the worth and antitrust publicity too excessive.
Novo twice raised its bid for Metsera — first to about $10 billion, then once more to roughly the identical worth with the next money payout and smaller efficiency bonuses. However after Metsera cited U.S. antitrust dangers and leaned towards Pfizer’s counteroffer, Novo mentioned it could withdraw and never increase its supply additional, citing monetary self-discipline and shareholder worth.
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“We consider the construction of our potential merger settlement is compliant with antitrust legal guidelines,” Novo mentioned in a assertion. “Following a aggressive course of and after cautious consideration, Novo Nordisk is not going to improve its supply to amass Metsera, in step with its dedication to monetary self-discipline and shareholder worth.”
Injection pens for the weight-loss therapy Wegovy, manufactured by Novo Nordisk A/S, on show throughout a information convention in Mumbai, India, on June 24, 2025. ( Dhiraj Singh/Bloomberg by way of Getty Pictures / Getty Pictures)
Nova mentioned it would proceed to evaluate alternatives for enterprise improvement and acquisitions that meet its standards for returns and capital allocation.
Metsera, in its Friday assertion, mentioned Novo’s proposal offered “unacceptably excessive authorized and regulatory dangers” in comparison with the proposed merger with Pfizer, citing a name from the Federal Commerce Fee to debate potential antitrust issues. The regulator despatched a letter earlier within the week to Novo and Metsera, warning that their proposed deal risked violating U.S. antitrust legal guidelines.
Pfizer mentioned it was happy to have reached a revised settlement with Metsera and expects to shut the merger quickly after Metsera’s Nov. 13 shareholder assembly, per Reuters.
Injectable prescription weight reduction medicines Ozempic, Victoza and Wegovy. (Michael Siluk/UCG/Common Pictures Group by way of Getty Pictures / Getty Pictures)
Bernstein analyst Courtney Breen mentioned the $10 billion value rested on optimistic assumptions about Metsera’s future efficiency, estimating Pfizer would want to generate about $11 billion in income from the deal by 2040 — almost double Metsera’s present projections.
She pointed to rising skepticism round long-term GLP-1 pricing, which might squeeze margins.
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Metsera’s board really helpful that shareholders approve the amended Pfizer supply. The biotech presently operates at a loss and analysts count on further losses as its medication stay in improvement.
Reuters contributed to this report.
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