Pfizer Clinches $10 Billion Deal to Acquire Metsera, Defeating Rival Bids from Novo Nordisk

Pfizer Inc. has successfully outbid Novo Nordisk A/S to acquire Metsera Inc., a U.S.-based biopharmaceutical company specializing in obesity treatments. The deal, valued at up to $10 billion, underscores the intensifying competition in the lucrative obesity drug market, projected to reach $150 billion by the early 2030s.

The acquisition saga began on September 22, 2025, when Pfizer announced an agreement to purchase Metsera for $47.50 per share, totaling approximately $4.9 billion, with additional contingent value rights (CVRs) of up to $22.50 per share. This initial offer aimed to bolster Pfizer's presence in the obesity treatment sector, following previous development challenges.

On October 30, 2025, Novo Nordisk submitted an unsolicited proposal to acquire Metsera, offering $56.50 per share in cash, amounting to approximately $6.5 billion, along with CVRs up to $21.25 per share. Novo Nordisk's bid was part of its strategy to expand its portfolio in obesity and metabolic disorder treatments.

In response, Pfizer increased its offer to $60 per share in cash, while reducing its CVRs from $22.50 to $10 per share. Novo Nordisk countered with a revised proposal of $62.20 per share in cash and CVRs up to $24.00 per share, bringing the total equity value to about $7.2 billion. This offer was declared superior by Metsera's board of directors.

On November 6, 2025, Novo Nordisk further increased its offer to $65.60 per share in cash, with CVRs up to $20.65 per share, raising the total equity value to approximately $7.6 billion. However, on November 8, Novo Nordisk announced it would not increase its offer further, emphasizing its commitment to financial discipline and shareholder value.

Pfizer's final offer of $65.60 per share in cash, plus CVRs up to $20.65 per share, totaling up to $86.25 per share, was accepted by Metsera's board. The transaction is expected to close soon after a shareholder meeting on November 13.

The acquisition of Metsera provides Pfizer with a promising pipeline of obesity treatments, including GLP-1 injectable MET-097i and amylin analog MET-233i, both of which have shown significant weight loss results in clinical trials. This strategic move positions Pfizer to re-enter the obesity treatment market and compete with industry leaders like Novo Nordisk and Eli Lilly.

The bidding war and subsequent legal challenges highlight the competitive nature of the pharmaceutical industry and the strategic importance of the obesity treatment market. As companies vie for dominance in this rapidly growing sector, the acquisition of Metsera by Pfizer underscores the high stakes involved in securing innovative therapies to address the global obesity epidemic.