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Metsera Backs Pfizer’s $10 Billion Deal, Citing Regulatory Risks in Novo Bid

FTC concerns over Novo’s two-step structure made Pfizer’s revised offer the board’s preferred path.

Overview

  • Metsera said it accepted Pfizer’s offer worth up to $86.25 per share, including $65.60 in cash and up to $20.65 in contingent payments, valuing the deal at about $10 billion.
  • The company cited a Federal Trade Commission letter warning that Novo Nordisk’s proposed two-step approach could violate premerger rules, calling Novo’s legal and regulatory risks unacceptable.
  • Pfizer’s bid has already received FTC clearance, and the company said it expects to close shortly after Metsera’s Nov. 13 shareholder vote, subject to approval.
  • A Delaware judge earlier denied Pfizer’s request to temporarily block Novo’s competing proposal, a ruling that preceded several bid increases from both suitors.
  • The acquisition targets Metsera’s next‑generation obesity pipeline, including once‑monthly GLP‑1 candidate MET‑097i, as Pfizer and Novo vie for position in a fast-growing weight‑loss market.