**Pfizer Clinches $10 Billion Deal for Obesity Drug Developer Metsera After Fierce Bidding War with Novo Nordisk**
U.S. drugmaker Pfizer has secured a $10 billion deal to acquire Metsera, an obesity drug developer, concluding an intense biotech bidding war against Danish rival Novo Nordisk. Metsera accepted Pfizer’s sweetened offer late Friday, citing U.S. antitrust risks in Novo’s bid despite previously considering it superior. Following this, Novo Nordisk announced on Saturday that it would exit the race.
### Pfizer’s Strategic Entry into the Obesity Drug Market
The acquisition gives Pfizer a valuable foothold in the lucrative obesity drug market, even though Metsera’s treatments are still years away from commercialization. This represents a setback for Novo Nordisk as it strives to regain ground lost to U.S. competitor Eli Lilly.
### A Dynamic and Twisting Bidding War
Initially, Pfizer appeared to have locked in the deal in September. However, last week Novo Nordisk jumped in with an unsolicited offer, sparking a heated fight for the coveted asset in the growing weight-loss sector. Pfizer aims to establish a presence in obesity treatments to overcome previous challenges in developing weight-loss drugs internally.
Pfizer agreed to pay $86.25 per share in cash — a 3.69% premium over Metsera’s Friday closing price. This price includes $65.60 per share in cash and a contingent value right, allowing shareholders to receive up to an additional $20.65 per share in cash.
Novo Nordisk confirmed on Saturday it would not increase its offer. “Following a competitive process and after careful consideration, Novo Nordisk will not increase its offer to acquire Metsera,” the company stated.
Novo added that it is advancing its own obesity treatment pipeline and will continue exploring business development and acquisition opportunities aligned with its strategic objectives. According to a source close to Novo, their last bid represented the “maximum value” of Metsera, and the firm remains confident in its own pipeline. The deal was never “do or die” for Novo, described as a “bolt-on acquisition” rather than a core strategic imperative.
### Antitrust Concerns Influence Decision
The bidding battle sent Metsera’s share price soaring over the past week, rising nearly 60% from just before Novo’s offer through Friday’s close, boosting its market value to $8.75 billion. At one point, Novo looked like the frontrunner in the bidding process.
However, Metsera cited concerns over “unacceptably high legal and regulatory risks” with Novo’s proposal, referencing a U.S. Federal Trade Commission (FTC) call discussing potential antitrust issues. Earlier in the week, the FTC sent a letter warning that a deal between Novo and Metsera could contravene U.S. antitrust laws. Novo, however, maintained that the structure of its offer complied with antitrust regulations.
Pfizer expressed satisfaction with reaching the revised agreement and anticipates closing the merger shortly after Metsera’s shareholder meeting scheduled for November 13.
### Analysts Weigh In: A ‘Game of Thrones’ Style Bidding War
Bernstein analyst Courtney Breen noted that the $10 billion price tag rests on optimistic assumptions about Metsera’s future performance. She highlighted that Pfizer would need to realize $11 billion in revenue from Metsera by 2040—nearly double Metsera’s present projections. Growing skepticism around the long-term pricing of GLP-1 drugs could also compress future margins.
Metsera’s board has recommended shareholders approve the amended Pfizer offer. Currently, Metsera is operating at a loss, and analysts expect continued losses while its drugs remain in development.
The bidding war raised the deal’s value well above Pfizer’s initial $7.3 billion offer in September. Former Pfizer R&D chief John LaMattina compared the fight to Pfizer’s historic $90 billion hostile takeover of Warner-Lambert in 2000, aimed at gaining control of the blockbuster cholesterol drug Lipitor. “While this is a smaller deal, Pfizer must believe that Metsera’s pipeline is key for its future,” he said.
Analysts and investors pointed to the fierce competition over Metsera, whose early-stage obesity drugs remain unproven but could play a pivotal role in a market projected to reach $150 billion by the early 2030s.
Peter Kolchinsky, managing partner at RA Capital and a top 20 Metsera shareholder, described the contest as “Game of Thrones-level” before Pfizer’s winning bid was accepted.
### Metsera’s Experimental Pipeline
Metsera’s main investigational obesity drugs include MET-097i, a GLP-1 injectable, and MET-233i, which mimics the pancreatic hormone amylin. These two treatments are projected by Leerink Partners analyst David Risinger to reach combined peak sales of $5 billion.
—
Pfizer’s acquisition of Metsera marks a significant move in the expanding obesity drug marketplace, positioning the company to compete more aggressively in this rapidly growing sector.
https://nypost.com/2025/11/08/business/pfizer-wins-10-billion-bidding-war-for-metsera-over-novo-nordisk/