===Novo Nordisk (NVO) launches bidding war with Pfizer (PFE) for US obesity biotech Metsera (MTSR)

Novo Nordisk makes $6.5 billion acquisition offer for Metsera (MTSR), declared superior to Pfizer's prior bid by Metsera's board and potentially triggering a bidding war for the obesity drug developer.

• Pfizer has 4 days to respond to this bid

Oct 30, 2025 : Pfizer Addresses Proposal for Metsera

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) is aware of the reckless and unprecedented proposal by Novo Nordisk A/S (NYSE: NVO) to acquire Metsera, Inc. (NASDAQ: MTSR). It is an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger. It is also structured in a way to circumvent antitrust laws and carries substantial regulatory and executional risk. The proposal is illusory and cannot qualify as a superior proposal under Pfizer’s agreement with Metsera, and Pfizer is prepared to pursue all legal avenues to enforce its rights under its agreement.

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Metsera (MTSR) shares jumped nearly 19% premarket on Thursday after Bloomberg reported that Danish drugmaker Novo Nordisk (NVO) has made a higher offer for the obesity startup, aiming to outmatch Pfizer’s (PFE) previously agreed deal and strengthen its dominance in the fast-growing weight-loss drug market.

Novo, which had made an earlier offer before Metsera’s $4.9 billion agreement with Pfizer, has now returned with an improved proposal in both value and structure, the report said, citing sources. The companies are in advanced discussions, and a potential agreement could be reached as soon as Thursday, though no final decision has been made.

Pfizer’s deal, announced in September, included $47.50 per share upfront and up to $22.50 per share in milestone payments. A Metsera deal would deal a setback to Pfizer (PFE), which is struggling with declining Covid vaccine sales and looming patent expirations after its own obesity pill failed due to safety issues.

Novo Nordisk (NVO), though leading in weight loss, is also under pressure to develop next-generation treatments after its CagriSema drug underperformed, as it seeks to stay ahead of Eli Lilly (LLY).

Metsera’s (MTSR) shares have nearly tripled this year to $52.21, valuing the company at about $5.5 billion. Pfizer (PFE) shares were little changed, while Novo Nordisk (NVO) slipped 1.5% in Copenhagen.

The firm is developing next-generation obesity treatments, including a long-acting amylin analogue that could require less frequent dosing than the market-leading drugs from Novo Nordisk’s (NVO) and Eli Lilly’s (LLY). Amylin-based drugs are seen as a gentler alternative to GLP-1 treatments like Wegovy and Zepbound, which often cause nausea and vomiting.