Novo Nordisk's $6.5 billion bid for Metsera tops Pfizer, escalating the race for next-generation obesity treatments and sparking legal and regulatory challenges.
October 30, 2025
Source:
Reuters
Competing Bids Ignite Obesity Drug Rivalry
Novo Nordisk has made a $6.5 billion unsolicited bid to acquire Metsera, a biotech leader in next-generation obesity and metabolic disease therapies. The offer overtakes Pfizer’s previously announced $4.9 billion acquisition attempt, intensifying rivalry in a highly valuable sector. (STAT News) (C&EN)
Metsera’s attracting fierce interest due to its pipeline of experimental obesity treatments, seen as potential successors to today’s top drugs like Ozempic and Wegovy. Novo’s proposal includes $6 billion upfront, rising to $9 billion with milestone payments, eclipsing Pfizer’s combined upfront and milestone total.
Market Context and Pressures
Big players rush for next-gen therapies as patents for blockbuster obesity drugs edge toward expiration.
Obesity drug market growth drives unprecedented M&A activity, raising the stakes for future competition.
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Source:
Metsera
Board Actions and Legal Showdown
The Metsera board quickly labeled Novo Nordisk’s bid as “superior,” formally notifying Pfizer and activating a four-business-day window for new negotiations. This move puts pressure on Pfizer to improve its terms or risk losing a vital asset. (Fierce Biotech)
Pfizer responded by challenging the legality of Novo’s proposal. “Reckless and unprecedented,” Pfizer said, arguing Metsera’s board cannot officially negotiate with another suitor under the current agreement. The company is exploring legal avenues to block the move, claiming heightened regulatory risks and a breach of contract.
Strategic Stakes
Novo Nordisk’s new CEO, Maziar Mike Doustdar, is aggressively expanding, recently leading both the Metsera bid and the Akero Therapeutics acquisition.
Pfizer is highlighting certainty and rapid execution in its pitch to Metsera and its investors.
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