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Pfizer has sealed a $10 billion acquisition of obesity drug developer Metsera, marking a major victory in the rapidly expanding weight-loss drug market. The New York-based pharmaceutical giant outbid Danish rival Novo Nordisk after an intense bidding war that captured global attention. Metsera accepted Pfizer’s revised offer on Friday, citing concerns over antitrust risks in Novo’s proposal, which the U.S. Federal Trade Commission (FTC) flagged as potentially violating antitrust laws.
Under the terms of the deal, Pfizer will pay $86.25 per share in cash — a 3.69% premium to Metsera’s Friday closing price. The offer includes $65.60 in cash per share and a contingent value right worth up to $20.65 per share. The agreement, expected to close soon after Metsera’s November 13 shareholder meeting, positions Pfizer for a long-term play in the lucrative obesity treatment market, even as Metsera’s therapies remain in early development stages.
Novo Nordisk, which withdrew from the race on Saturday, stated it would continue advancing its obesity drug pipeline and explore new acquisition opportunities. A source close to Novo said its final offer represented the “maximum value” it was willing to pay, emphasizing that the deal was not critical to its long-term growth strategy.
Metsera’s shares have surged nearly 60% since the bidding war began, reaching a market value of $8.75 billion. Analysts noted that Pfizer’s hefty valuation hinges on optimistic revenue projections of $11 billion by 2040, despite uncertainties around long-term GLP-1 drug pricing. Industry experts likened the rivalry to a “Game of Thrones” battle for dominance in a market projected to exceed $150 billion by the next decade, underscoring Pfizer’s renewed determination to lead the global fight against obesity.
