Overview
- Pfizer will acquire Metsera for up to $86.25 per share, including $65.60 in cash and a CVR of up to $20.65, matching Novo’s headline value but with more upfront cash.
- Metsera’s board selected Pfizer after the FTC flagged potential legal and antitrust risks with Novo’s proposed two‑step, special‑dividend structure.
- Novo confirmed it would not raise its offer, clearing the path for Pfizer, as Novo shares rose up to about 3.8% and Metsera fell roughly 16% in premarket trading.
- The revised merger heads to a November stockholder meeting, with both companies saying they expect to close promptly if shareholders approve.
- Pfizer’s victory advances its obesity strategy centered on Metsera’s GLP‑1 candidate MET‑097i, which has mid‑stage data supporting weekly and monthly dosing, while lawsuits Pfizer filed during the contest remain on the docket.