The logos of Danish drug manufacturer Novo Nordisk, maker of the successful diabetes and weight loss treatments Ozempic and Wegovy, can be seen outside the building as the company presents its annual report on February 5, 2025 at Novo Nordisk in Bagsvaerd, Denmark.
Mads Claus Rasmussen | Episode | Getty Images
Metsera said on Tuesday Novo Nordisk's new bid for the obesity biotech is “superior” to a revised bid from Pfizerescalating a heated battle over the startup between the two pharmaceutical giants.
Novo Nordisk's new proposal values Metsera at up to $86.20 per share, for a total of about $10 billion. In a press release, Metsera said this represents a premium of approximately 159% over the closing price of September 19, the last trading day before Pfizer announced the proposed acquisition of the company.
Meanwhile, Pfizer's new proposal values Metsera at up to $70 per share, for a total of about $8.1 billion.
Under the terms of the original agreement for Pfizer to acquire Metsera, the drugmaker has two business days to negotiate adjustments to the proposal. If Metsera's board believes that Novo Nordisk's proposal is still better than Pfizer's after that period, Metsera would have the right to terminate the existing merger agreement, according to the press release.
“We believe that Novo Nordisk's offer is illusory and cannot be a superior proposal under the terms of our merger agreement with Metsera because it violates antitrust law and carries a high risk that it will never be implemented,” Pfizer CEO Albert Bourla said on the company's third-quarter earnings call on Tuesday.
In a statement Tuesday, Novo Nordisk confirmed its new offer and said it could maximize the potential of Metsera's complementary drug portfolio. Novo Nordisk reiterated that the proposal complies with all applicable laws and is “in the best interests of patients who will benefit from our commitment to innovation, as well as Metsera shareholders.”
The new offer comes a day after Pfizer filed its second lawsuit against Novo Nordisk and Metsera, claiming the Danish drugmaker's attempt to outbid Pfizer to acquire the biotech company is anticompetitive.
The clash reflects the changing landscape of weight-loss blockbusters and diabetes drugs, with veteran Novo Nordisk now trailing rival Eli Lilly as other companies like Pfizer rush to break in.
Founded in 2022, Metsera brings a pipeline of both oral and injectable treatments with different targets, including a drug that targets GLP-1 and another drug that targets another gut hormone called amylin. Both are being investigated as possible monthly treatments, which would mean they are taken less frequently than the weekly injections on the market.
For Pfizer, Metsera's pipeline could be the golden ticket to enter this market after struggling to bring its own obesity products to market in recent years. Novo Nordisk helped create the market, but is losing market share Eli Lilly and cheaper copycats and struggling to impress investors with its drug pipeline.
Pfizer said in September it would acquire Metsera for $4.9 billion, or up to $7.3 billion with future payments.
But Novo Nordisk launched a takeover bid Thursday valuing the biotech at about $6 billion, or up to $9 billion, triggering a four-business-day deadline for Pfizer to renegotiate its bid.
