Novo Nordisk Launches Hostile Bid for Metsera, Igniting Pharmaceutical Battle with Pfizer
Novo Nordisk, the Danish pharmaceutical powerhouse behind weight-loss drugs Ozempic and Wegovy, has made an unsolicited $6 billion offer to acquire Metsera, a U.S.-based obesity treatment developer, escalating a bidding war with rival Pfizer.
Novo Nordisk’s proposal, announced Thursday, significantly surpasses Pfizer’s earlier offer of $4.9 billion, prompting Metsera to declare the Danish bid “superior” and giving Pfizer just four business days to respond with a counteroffer. The escalating competition underscores the intense focus on the burgeoning obesity treatment market.
Under the terms of the offer, Novo Nordisk would acquire all outstanding shares of Metsera’s common stock at $56.50 per share in cash. According to a company release, the bid is currently under review by Metsera’s board of directors.
Pfizer has vehemently opposed the move, labeling Novo Nordisk’s offer “reckless and unprecedented.” A spokesperson for Pfizer stated the bid represents “an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger.” The company further asserted that the offer is “illusory” and does not meet the criteria for a superior proposal under its existing agreement with Metsera, adding it is “prepared to pursue all legal avenues to enforce its rights.”
The core of the conflict centers around Metsera’s most promising asset, MET-097i, a GLP-1 (glucagon-like peptide-1) receptor agonist currently in phase 2 clinical trials. This potential treatment could be administered via a single monthly injection, mirroring the delivery method of Novo Nordisk’s popular weight-loss drugs. Like Ozempic and Wegovy, MET-097i works by leveraging a hormone that stimulates insulin secretion and suppresses appetite.
Novo Nordisk believes acquiring Metsera would “maximize the potential of Metsera’s complementary portfolio and capabilities.” In addition to the upfront price, Novo Nordisk is offering up to an additional $21.25 per share contingent on achieving specific milestones for Metsera’s pipeline treatments, slightly less than the $22.5 per share add-on offered by Pfizer.
The bidding war comes at a pivotal moment for both companies. Novo Nordisk, while initially lauded for the success of its weight-loss injections, has seen its share price decline in recent months as competition intensifies, particularly from Eli Lilly’s Zepbound in the U.S. market. The company recently underwent a change in leadership and announced plans to lay off 9,000 employees, alongside a significant overhaul of its board of directors following a dispute with a majority shareholder. An extraordinary shareholders meeting is scheduled for November 14.
Pfizer, despite a lucrative breakthrough with its COVID-19 vaccine, has also experienced a downturn in its stock price as pandemic-related demand has waned. The company noted in a statement that Metsera’s board had previously rejected Novo Nordisk’s initial proposal due to “a variety of risks” associated with its deal structure.
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The outcome of this high-stakes battle will likely reshape the competitive landscape of the obesity treatment market, with significant implications for patients and investors alike.
© 2025 AFP
Citation: Novo Nordisk launches bidding war with Pfizer for obesity drugmaker Metsera (2025, October 30) retrieved 30 October 2025 from https://medicalxpress.com/news/2025-10-novo-nordisk-war-pfizer-obesity.html
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