Novo Nordisk Tops Pfizer With Unsolicited $6.5 Billion Bid for Metsera

Overview

• Novo Nordisk offered $56.50 per share in cash, with up to $21.25 per share in contingent payments for a total potential of $77.75, valuing the deal at about $6.5 billion.
• Under the proposal, cash would be paid at signing in exchange for non‑voting preferred shares equal to 50% of Metsera, with contingent value rights issued at closing for the remaining shares.
• Metsera said the offer is superior to the Pfizer agreement it accepted in September, and its board is reviewing the proposal.
• Pfizer condemned the move as irresponsible and accused Novo Nordisk of abusing its market position to suppress competition.
• Pfizer’s earlier deal was $47.50 per share plus up to $22.50 in milestones, while Metsera’s appeal centers on long‑acting amylin obesity drugs as the weight‑loss market is projected to approach $100 billion by 2030.