Pfizer has emerged victorious in one of the most heated acquisition battles in recent pharma history, securing a $10 billion deal to acquire obesity-focused biotech Metsera. After weighing competing bids from Pfizer and Novo Nordisk, Metsera’s board chose Pfizer’s offer. It consists of $65.60 per share in cash plus a potential $20.65 per-share contingent value right, citing stronger value and greater certainty of regulatory approval.
The acquisition ends weeks of tense corporate drama marked by public accusations, legal threats, and even White House-level commentary. Although both Pfizer and Novo ultimately matched each other with $10 billion bids, U.S. antitrust concerns tipped the balance. The Federal Trade Commission cleared Pfizer’s structure but flagged legal risks in Novo’s proposal, leading Metsera to reject the Danish pharma giant’s offer as too risky.
The long battle comes to an end
Metsera represents a major strategic win for Pfizer, whose key drugs, Eliquis, Ibrance, and Xtandi, face looming patent expiries. The biotech’s cutting-edge obesity pipeline, especially the GLP-1 receptor agonist MET-097i, offers long-acting injectable and oral weight-loss candidates designed for monthly dosing. This is potentially a significant advancement over existing weekly regimens. Positive Phase II results further elevate the asset’s commercial promise in the high-growth obesity market.
The decision also comes after Pfizer and Metsera had already established a previous $7.3 billion merger agreement in September 2025, which was momentarily derailed when Novo Nordisk intervened with a rival proposal. Novo’s attempt escalated into a high-profile dispute, including lawsuits from Pfizer accusing contractual breaches and antitrust violations. Novo’s CEO even publicly pressured Pfizer to increase its bid during a White House event, reflecting how central Metsera’s technology is to future obesity-drug dominance.
For Novo Nordisk, the failed pursuit is a blow amid underwhelming 2025 GLP-1RA sales and an aggressive acquisition strategy meant to revitalize its pipeline. Although it succeeded in acquiring Akero Therapeutics for $5.2 billion, losing Metsera marks a significant setback.
Pfizer’s win closes one of the industry’s most contentious bidding wars and reinforces its competitive position in the rapidly expanding obesity therapeutics landscape.
Reference
Gardner, J. (2025, 5 noviembre). FTC signals scrutiny of Novo’s bid for Metsera. Yahoo Finance. https://finance.yahoo.com/news/ftc-signals-scrutiny-novo-bid-205400080.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAFxrPlx-1osKO8WaYH9jJwDsGf3o1u5GAltTYiO52pu01GRMlKALjozGrsfadYy-rTzn2GR32724P2U9Ci8phz8fXh150Hn2-wRmeIP_EhXaRF34dUK4ccUZDaiMMxtVI0mWZTaC5vp5i5s4Vm9R7VgOUQLmAJbHpU-xoW5zcvll