Pfizer Wins Bidding War for Obesity Drug Developer Metsera in $10B Deal
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In a major coup, Pfizer has secured a deal to acquire Metsera, a New York-based developer of obesity treatments, in a deal worth up to $10 billion. The pharmaceutical giant outbid Novo Nordisk, the Danish company behind popular weight-loss treatments Ozempic and Wegovy, after a tense bidding war. Metsera, which has no products on the market, is working on oral and injectable treatments for obesity and diabetes. Pfizer is looking to expand its presence in the lucrative weight management market, having recently ended development of a potential obesity pill treatment. Under the terms of the deal, Pfizer will pay up to $86.25 per share, consisting of $65.60 in cash and a contingent value right that could add up to $20.65 per share. Metsera cited U.S. antitrust concerns with Novo Nordisk's bid, saying Pfizer's revised offer represented the best option for shareholders. Novo Nordisk had raised its offer to $10 billion, up from its previous bid of $9 billion, in a bid to outbid Pfizer. However, the Danish company ultimately decided not to increase its offer further and will not pursue the acquisition. The deal is expected to be finalized shortly after Metsera's shareholder meeting on November 13. Pfizer has expressed its satisfaction with the terms of the deal and is looking forward to closing the transaction.
