Pharmaceutical giant Pfizer is set to finalize the acquisition of Metsera, a U.S.-based biotechnology company specializing in obesity treatments, after outbidding Danish rival Novo Nordisk in a high-stakes takeover battle.
Metsera’s board announced on Friday that it had unanimously approved Pfizer’s improved offer of up to $86.25 per share, valuing the deal at around $10 billion. The board also urged shareholders to endorse the amended merger agreement at a meeting scheduled for November 13, after which the deal is expected to close “promptly.”
Pfizer’s latest proposal effectively doubles Metsera’s valuation compared to their initial agreement reached in September, which had sparked a competitive bidding war with Novo Nordisk — the maker of popular drugs Wegovy and Ozempic.
Following Pfizer’s revised bid, Novo Nordisk announced on Saturday that it would no longer pursue an increased offer. The company stated that it “does not intend to make an increased offer to acquire Metsera” and will instead focus on other business development and acquisition opportunities aligned with its strategic goals.
The acquisition marks a major move for Pfizer as it looks to expand its portfolio in the fast-growing weight-loss and metabolic health market, an area that has drawn intense global interest following the success of GLP-1-based drugs.
If finalized, the deal will strengthen Pfizer’s position in the obesity drug sector and intensify competition with Novo Nordisk and other players aiming to dominate the next wave of pharmaceutical innovation.
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