Novo Nordisk Challenges Pfizer with Up to $9 Billion Bid for Metsera

Novo Nordisk has launched an unsolicited acquisition offer for Metsera Inc., greatly exceeding a prior agreement between Pfizer Inc. and Metsera. Novo’s bid values Metsera at as much as US$9 billion, offering US$56.50 per share plus contingent value rights (CVRs) tied to clinical and regulatory milestones. This is up from Pfizer’s earlier bid of US$47.50 per share plus US$22.50 in CVRs, valued at around US$7.3 billion.

Metsera is developing next-generation obesity treatments, including its lead candidate MET-097i (a GLP-1 analogue) and MET-233i (an amylin analog), both designed for monthly dosing and aimed at the fast-growing obesity market. Novo’s aggressive move appears to reflect pressure on its position in the category as competitors close in.

Pfizer responded by alleging Novo’s bid might suppress competition and declared it would explore all legal options under its agreement with Metsera. For Novo, acquiring Metsera would significantly bolster its pipeline beyond its current flagship obesity therapies and help defend its long-standing market leadership.