Novo Nordisk Ups the Stakes With $10B Bid for Metsera, Surpassing Pfizer’s Offer

Novo Nordisk increased its offer to acquire Metsera to up to $10 billion, raising the cash component to $62.20 per share and the contingent value right (CVR) payment to $24 per share if certain milestones are met. This marks an increase from its prior bid of $9 billion and $56.60 per share234.

Metsera has deemed Novo's new bid superior to Pfizer's current agreement. As a result, Pfizer has a brief window to renegotiate its offer or potentially lose the deal234.

Pfizer responded with a revised bid of $60 per share in cash and a reduced CVR payment of $10, down from $22.50. Its total revised offer is approximately $8.1 billion, significantly less than Novo's new proposal234.

Pfizer has filed federal antitrust claims against Novo Nordisk and Metsera, alleging anticompetitive conduct and 'tortious interference,' contending that Novo’s offer carries high regulatory risks and is likely unachievable14.

If Pfizer does not match or beat Novo’s bid within the allotted negotiation period, Metsera is expected to proceed with the Novo deal. Novo has also agreed to cover the $190 million termination fee required if Metsera breaks its existing agreement with Pfizer4.

The escalation is set against the backdrop of a fiercely competitive landscape for treatments in high-value therapeutic areas, such as obesity and diabetes, where Metsera's development-stage pipeline has attracted intense interest from both pharma giants234.

Sources:

1. https://www.pfizer.com/news/press-release/press-release-detail/pfizer-files-federal-antitrust-claims-second-lawsuit

2. https://www.washingtontimes.com/news/2025/nov/4/novo-nordisk-hikes-metsera-bid-10b-competition-rival-pfizer/

3. https://abcnews.go.com/Business/wireStory/novo-nordisk-hikes-metsera-bid-10b-competition-rival-127174520

4. https://www.biospace.com/business/novo-ups-ante-in-metsera-buyout-drama-with-10b-offer-beating-pfizers-new-bid