Pfizer Triumphs Over Novo Nordisk with $10B Bid to Acquire Metsera

Pfizer secured a $10 billion deal to acquire Metsera, beating rival Novo Nordisk after a heated bidding war123.

Metsera accepted Pfizer's sweetened offer, which includes $65.60 per share in cash and contingent value rights for up to $20.65 per share in additional payments, totaling $86.25 per share23.

Novo Nordisk withdrew after citing U.S. antitrust risks tied to its deal structure, despite having previously made a superior offer12.

The win gives Pfizer entry into the lucrative obesity drug market, where Novo Nordisk already leads with GLP-1 drug Wegovy, and where Pfizer's own efforts had previously stumbled12.

The transaction still requires approval from Metsera shareholders, with a vote scheduled for November 13, and is expected to close soon afterwards12.

Industry analysts see the $10B price as resting on optimistic sales assumptions, noting Metsera’s lead obesity treatments are still in development and years from market2.

The bidding war lifted Pfizer’s original September offer of $7.3 billion to the final $10 billion value, highlighting intense competition for next-generation weight loss drug technologies2.

Sources:

1. https://medcitynews.com/2025/11/pfizer-metsera-acquisition-bidding-war-novo-nordisk-glp1-obesity-pfe-mtsr-nvo/

2. https://www.investing.com/news/stock-market-news/pfizer-sweetens-offer-for-metsera-in-bidding-war-against-novo-bloomberg-news-reports-4344247

3. https://www.fiercebiotech.com/biotech/pfizer-beats-out-novo-10b-agreement-buy-metsera