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Pfizer has received a $10 billion deal to accumulate the fast-rising weight problems drug developer Metsera, ending a fierce bidding battle 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 referred to as superior, based on Reuters. The Danish obesity-drug large mentioned Saturday it might exit the race.
The win offers Pfizer a foothold within the profitable obesity-drug market, despite the fact that Metsera’s remedies 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 accumulate weight problems drug developer Metsera, beating Danish rival Novo Nordisk in a fierce bidding battle. (Kena Betancur/VIEWpress / Getty Pictures)
In a press release, Novo Nordisk confirmed it was strolling away from its tried acquisition after a number of provides, 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 a better money payout and smaller efficiency bonuses. However after Metsera cited U.S. antitrust dangers and leaned towards Pfizer’s counteroffer, Novo mentioned it might withdraw and never elevate 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 press release. “Following a aggressive course of and after cautious consideration, Novo Nordisk won’t improve its supply to accumulate 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 through Getty Pictures / Getty Pictures)
Nova mentioned it’s going to 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 considerations. 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 through 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 wish 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 may squeeze margins.
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Metsera’s board beneficial that shareholders approve the amended Pfizer supply. The biotech at present operates at a loss and analysts anticipate further losses as its medicine stay in improvement.
Reuters contributed to this report.