Novo Nordisk Proposes Acquisition of Metsera in Strategic Move

Novo Nordisk has made public the submission of an unsolicited proposal to Metsera, Inc. acquisition. Metsera is a biotech company with a strong portfolio of both early and development-stage incretin and non-incretin receptor analogue peptide programs.

The acquisition, as stated, will not only extend Novo Nordisk's lead in the innovation pipeline but also utilize the Metsera scientific and therapeutic capabilities most effectively to speed up the advancements of the metabolic and peptide-based therapies.

According to the proposal, Novo Nordisk has proposed to buy all of Metsera's common stock outstanding at a price of $56.50 per share in cash. This translates to a total equity value of approximately $6.5 billion (or an enterprise value of around $6.0 billion).

The offer also comprises contingent value rights (CVR) worth up to $21.25 per share in cash—thus an aggregated potential value of up to $2.5 billion—correlated to the achievements of clinical and regulatory milestones.

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In the proposed scheme, the cash consideration will be given at the time of the agreement in exchange for non-voting preferred shares equivalent to 50% of Metsera's share capital. At the same time, the CVRs will be issued for the rest of the shares after the completion of the transaction. Metsera’s Board of Directors is currently reviewing the proposal.

Novo Nordisk was established in 1923. It is present in 80 countries with a total of 78,400 employees. The company sells its products in nearly 170 countries. Its B shares are listed on Nasdaq Copenhagen, and its ADRs can be found on the New York Stock Exchange (NVO).