Pfizer Wins $10 Billion Bid for Metsera After Novo Nordisk Exits Contest

Economy

Pfizer Wins $10 Billion Bid for Metsera After Novo Nordisk Exits Contest

3 weeks ago

News sources:

REUTERS

INDIATIMES

BLOOMBERG

Pfizer Wins $10 Billion Bid for Metsera After Novo Nordisk Exits Contest

Credited from: REUTERS

Pfizer's board unanimously approves a $10 billion bid for Metsera.
Novo Nordisk withdraws from the bidding process due to regulatory concerns.
The deal's closing is imminent after shareholder approval is secured.

Pfizer has successfully agreed to acquire the biotechnology firm Metsera for $10 billion, outmaneuvering rival Novo Nordisk in an intense bidding war. Metsera's board unanimously endorsed Pfizer's improved offer of $86.25 per share, marking a significant escalation from the initial bid made in September, according to Reuters and India Times.

The termination of Novo Nordisk's competing offer arises from concerns regarding potential regulatory obstacles that may affect a deal structure, leading to the conclusion by Metsera's board that Novo's proposal presented “unacceptably high legal and regulatory risks,” compared to Pfizer’s less problematic offer, according to Bloomberg and India Times.

Pfizer's acquisition aims to strengthen its presence in the lucrative obesity treatment market, where demand continues to grow globally. This deal follows a substantial increase in Metsera's valuation, spurred by Novo's initial interest, highlighting the competitive landscape in the pharmaceutical sector, according to Reuters and Bloomberg.