Pfizer Beats Novo Nordisk in $10 Billion Metsera Deal

Pfizer has clinched a major victory in the race for next-generation obesity treatments, signing a deal to acquire development-stage drugmaker Metsera Inc. after outbidding rival Novo Nordisk, the maker of Ozempic and Wegovy.

The New York-based pharmaceutical giant will buy Metsera for up to $86.25 per share, including $65.60 in cash and a contingent value right of up to $20.65 per share.

The acquisition strengthens Pfizer’s push into the fast-growing obesity and diabetes market, coming months after it scrapped its own experimental obesity pill.

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Metsera, also based in New York, has no approved products yet but is developing promising oral and injectable obesity treatments that could compete in one of the industry’s most lucrative fields. The company’s board said it chose Pfizer’s offer citing “US antitrust risks” in Novo Nordisk’s bid, adding that Pfizer’s revised terms provided “the best transaction for shareholders” with greater certainty of closing.

The agreement follows Novo’s latest attempt to raise its bid to as much as $10 billion, up from its earlier $9 billion offer, which had triggered a lawsuit from Pfizer. Novo’s proposal included $62.20 in cash per share and a potential $24 contingent payment, but the Danish drugmaker confirmed Saturday it would not increase its offer further.

Pfizer said it was pleased with the outcome and expects to finalize the deal shortly after the Metsera shareholder meeting on November 13, cementing its position in the competitive obesity drug market.