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Pfizer has secured a $10 billion deal to acquire fast-growing obesity drug developer Metsera, ending a fierce bidding war with Danish rival Novo Nordisk.
Metsera accepted a softer offer from Pfizer late Friday, citing U.S. antitrust risks in Novo’s offer that it had previously called superior, according to Reuters. The Danish obesity drug giant said on Saturday it would exit the race.
The win gives Pfizer a foothold in the lucrative market for obesity drugs, even as approval for Metsera’s treatments remains years away. The loss was a setback for Novo as the country tries to bounce back from US rival Eli Lilly.
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Pfizer has secured a $10 billion deal to acquire obesity drug developer Metsera, beating Danish rival Novo Nordisk in a fierce bidding war. (Kena Betancur/VIEWpress/Getty Images)
In a statement, Novo Nordisk confirmed that it was abandoning its takeover attempt after several bids, saying it was assessing the price and exposure to antitrust law too high.
Novo twice increased its offer for Metsera – first to around $10 billion, then again to around the same value with a higher cash payout and smaller performance bonuses. But after Metsera cited U.S. antitrust risks and leaned toward Pfizer’s counteroffer, Novo said it would withdraw its offer and not increase it further, citing financial discipline and shareholder value.
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“We believe that the structure of our potential merger agreement is consistent with antitrust laws,” Novo said in a statement statement. “After a competitive process and careful consideration, Novo Nordisk will not increase its offer to acquire Metsera, consistent with its commitment to financial discipline and shareholder value.”
Injection pens for the slimming treatment Wegovy, manufactured by Novo Nordisk A/S, on display during a press conference in Mumbai, India, on June 24, 2025. (Dhiraj Singh/Bloomberg via Getty Images/Getty Images)
Nova said it will continue to assess business development and acquisition opportunities that meet return and capital allocation criteria.
Metsera said in its statement Friday that Novo’s proposal posed “unacceptably high legal and regulatory risks” compared to its proposed merger with Pfizer, citing a call from the Federal Trade Commission to discuss potential antitrust issues. The regulator sent a letter to Novo and Metsera earlier this week, warning that their proposed deal risked violating US antitrust laws.
Pfizer says it is pleased to have reached a revised agreement with Metsera and expects to complete the merger shortly after Metsera’s shareholders meeting on November 13, according to Reuters.
Injectable prescription drugs for weight loss Ozempic, Victoza and Wegovy. (Michael Siluk/UCG/Universal Images Group via Getty Images/Getty Images)
Bernstein analyst Courtney Breen said the $10 billion price rested on optimistic assumptions about Metsera’s future performance, estimating that Pfizer should generate about $11 billion in revenue from the deal in 2040 – almost double Metsera’s current projections.
She pointed to growing skepticism around long-term GLP-1 prices, which could put pressure on margins.
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Metsera’s board recommended that shareholders approve Pfizer’s amended offer. The biotech is currently operating at a loss and analysts expect additional losses as the drugs remain in development.
Reuters contributed to this report.
