NEW YORK / LONDON (IT BOLTWISE) – Pfizer has won the bidding war against Novo Nordisk for the biotech startup Metsera. With an offer of up to $10 billion, Pfizer is securing access to promising obesity drugs that can be dosed monthly.
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Pfizer has prevailed in an exciting bidding war against Novo Nordisk and acquired the biotech startup Metsera. With an offer that values Metsera at up to $10 billion, Pfizer is securing access to innovative obesity drugs. This acquisition could allow Pfizer to enter the lucrative obesity treatment market, where the company previously had no approved products.
The decision for Pfizer also came due to Federal Trade Commission (FTC) concerns about Novo Nordisk’s offer. The FTC raised concerns about possible violations of U.S. antitrust law, which increased the risk to Metsera. Pfizer, on the other hand, offered a safer and legally harmless alternative, which ultimately tipped the scales.
Pfizer plans to pay $65.60 per share in cash, supplemented by contingent appreciation of up to $20.65. The acquisition is expected to close following a Metsera shareholders meeting on November 13. Novo Nordisk, which already has a presence in the obesity market with its blockbusters Ozempic and Wegovy, recently offered $86.20 per share, but could not compete against Pfizer’s offer.
Metsera’s lead drug candidates, a GLP-1 and an amylin drug, have shown promising results in early trials, particularly with weekly dosing. The possibility of monthly dosing could represent a decisive advantage in the market, as current medications have to be taken weekly. This innovation could help Pfizer compete with Novo Nordisk and Eli Lilly.
The structure of Novo Nordisk’s offer, which called for an immediate payout to shareholders before regulatory approval was granted, drew criticism. Pfizer argued that this would foreclose other potential buyers because executives and employees could pocket the money and leave the company before the deal is completed. These concerns were also shared by the FTC, which ultimately led to the decision in favor of Pfizer.
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