Novo Nordisk Challenges Pfizer With Higher Bid for Metsera
The move ignites a bidding war for the obesity drug developer, sending its shares soaring as the pharmaceutical giants compete for a promising metabolic drug pipeline.
A fierce bidding war has erupted in the pharmaceutical sector after Novo Nordisk made a competing offer for Metsera Inc. (NASDAQ: MTSR), challenging a prior $4.9 billion acquisition agreement from Pfizer. The move, reported by Bloomberg on Wednesday, signals a high-stakes battle for Metsera’s valuable pipeline of next-generation obesity treatments and sent the biotech firm's shares climbing toward their 52-week high.
Metsera's stock jumped to $52.21 in morning trading, surging past Pfizer's initial cash offer of $47.50 per share. The market reaction indicates that investors are betting on a significantly higher final sale price as two of the world's largest drugmakers vie for a strategic foothold in the rapidly growing, and potentially $150 billion, weight-loss drug market.
Pfizer initially announced its plan to acquire Metsera on September 22, 2025, in a deal valued at $4.9 billion upfront. The agreement also included contingent value rights (CVRs) that could add another $2.3 billion to the total price, dependent on future clinical and regulatory milestones. For Pfizer, the acquisition is a critical move to bolster its presence in the metabolic disease space after facing setbacks with its own oral GLP-1 drug candidates.
However, Novo Nordisk's unsolicited offer threatens to upend those plans. As a dominant force in the obesity market with its blockbuster drug Wegovy, Novo's interest underscores the strategic importance of Metsera's assets. Acquiring Metsera would not only expand Novo's market-leading portfolio but also eliminate a promising future competitor.
The prize in this contest is Metsera's innovative drug pipeline. The New York-based company has four clinical-stage programs, including a highly anticipated ultra-long-acting injectable, MET-097i, which is being studied for both weekly and monthly dosing. This could offer a significant convenience advantage over current weekly treatments. Furthermore, Metsera is developing oral candidates that could capture a share of the market seeking alternatives to injections.
Analysts have highlighted the strategic value of Metsera's portfolio. Experts at Leerink Partners project that the company's drugs could achieve more than $5 billion in peak annual revenue. This potential has made Metsera a coveted target for large pharmaceutical companies looking to either enter or expand their footprint in the lucrative obesity treatment landscape.
Interestingly, regulatory filings related to the initial Pfizer deal revealed that Metsera had received higher offers from two other unnamed suitors during the sale process. The company ultimately chose Pfizer's proposal, suggesting that it may have perceived a smoother and more certain regulatory path with Pfizer compared to a potential acquisition by a market leader like Novo Nordisk. An acquisition by Novo could draw intense antitrust scrutiny from regulators wary of excessive market concentration.
"The board likely weighed the certainty of closing a deal with Pfizer against the potential for a prolonged and risky regulatory review with a dominant player," noted an analyst at BMO Capital Markets. "Novo's new bid will force Metsera's board to re-evaluate that calculus, balancing a higher price against heightened antitrust risk."
For investors, the bidding war creates a favorable dynamic, likely driving the final acquisition price well above Pfizer's opening bid. With its market capitalization now exceeding $4.1 billion, Metsera has become a key strategic asset in the pharmaceutical industry's most competitive therapeutic area. The outcome of this battle will not only determine Metsera's future but also reshape the competitive landscape for obesity treatments for years to come.