Metsera Bidding War Grips Obesity Drug Field as Novo Nordisk and Pfizer Escalate Offers

Novo Nordisk and Pfizer are embroiled in a fierce bidding war to acquire Metsera, a U.S.-based biotech developer of promising incretin-based obesity drugs125.

Pfizer made an initial $4.9 billion offer, accepted by Metsera's board, which was later countered by Novo Nordisk with a $6.5 billion bid, and subsequently a superior $10 billion offer15.

Novo’s $10 billion proposal involves an initial $62.20 per share cash payout for half the company’s stock, with an additional $24 per share payment for the remaining stock if the deal closes1.

Pfizer increased its own offer to $8.1 billion, with $60 cash per share and a $10 add-on payment, citing regulatory risks and alleging Novo's bid violates antitrust laws due to its dominant GLP-1 market position1.

Metsera’s board declared Novo’s latest proposal 'superior,' though Pfizer has launched lawsuits in Delaware courts alleging breach of contract and anticompetitive conduct by Novo and Metsera1.

Metsera’s attorneys warned it could take up to 24 months for a deal structured like Novo’s to clear regulatory review, raising risk factors1.

Tirzepatide’s booming global sales highlight the strategic value of Metsera’s drug portfolio, intensifying acquisition interest in the obesity therapeutics sector4.

Novo Nordisk asserts its acquisition proposal is compliant with legal requirements and in US patients’ best interest, while Metsera dismisses Pfizer’s legal arguments as 'nonsense'1.

Sources:

1. https://www.biopharmadive.com/news/metsera-pfizer-novo-obesity-drugs-new-offers-superior-proposal/804598/

2. https://sbj.net/stories/novo-nordisk-starts-bidding-war-for-metsera,101739

4. https://conscienhealth.org/2025/10/booming-tirzepatide-sales-and-a-bidding-war-for-metsera/

5. https://economictimes.com/news/international/business/pfizer-novo-nordisk-escalate-bidding-war-for-obesity-drug-developer-metsera/articleshow/125094292.cms